July 2019 E-Newsletter

July 2019 E-Newsletter

 

Welcome to the July edition of E-News.

This month we held 2 events on governance in Sydney and Melbourne. These events were well attended and speaker, Stephen Allen (KPMG) delivered a  high quality presentation drawing from his extensive experience establishing and leading successful businesses in Macquarie Bank, as well as a lengthy term leading the Group in risk function.

Our events often sell out within hours of opening and while this is a great display of the quality of RMA events, this sometimes means that members miss out. We are working through a range of options to ensure  our members get access to all our events. One of the first options we exercised was to give those members who missed out on a recent popular event, first access to the next event. This worked well with favourable feedback. More details below.

In this month’s E-News, we get some valuable “Risk Tips” from RMA Management Committee member, David O'Brien (Group General Manager, Risk Metrics & Measurement, ANZ).

Don’t forget to FOLLOW RMA AUSTRALIA on LinkedIn to stay updated and be part of our active network.

Richard Gilbert - Executive Director

Read more about  "Staying ahead of the risk and good governance" in our next RMA Review blog.

David O'Brien, Group General Manager, Risk Metrics & Measurement, ANZ.

How often should a business unit in a bank conduct a formal risk assessment or should it be ongoing?

Probably the ideal we should be working towards is that risks are assessed continually via automation. In the meantime, however, I don’t think there is a single right answer. The frequency of assessment needs to be based on how quickly the risk environment is evolving, and that will differ across businesses. There is a balance to be struck between assessing risks too seldom, which may mean you don’t see new risks coming, and too often, which may mean that because nothing appears to have changed you are missing emerging trends.

How much emphasis should be placed on Non-Financial Risk?

A lot! I’ve been in banking a long time, and I remember when market risk was the mature risk discipline and credit risk was the younger sibling—at least in the sense that the risk measurement practices we take for granted today were still being developed. Non-financial risks have now taken that space. These risks are hard to measure and their event-based nature can make patterns difficult to discern. But I don’t think anyone would disagree that successfully managing these risks is fundamental to the long-term viability of any financial organisation in the world today.

In your opinion, what is the biggest challenge currently facing Risk professionals in our industry?

There are plenty of challenges, but I think the biggest is the need to stay on top of rapid developments. The speed with which things such as customer expectations, technology and regulation are evolving is very fast, and no matter whether risk professionals find that exhilarating or terrifying, it is imperative that they keep pace. That is where the RMA can help.

What excites you about being on the RMA Australia Management Committee? 

I think that the RMA already has a great deal to offer to members. As a management committee is it our job to listen to our members and find ways to offer them even more in the future. I’m excited by that opportunity - and we need to hear from our members to make it happen.

What are RMA’s biggest challenges?

There are two that spring to mind. The first is related to what I said earlier: how to help our members keep pace with a rapidly changing industry, and indeed how to ensure that the RMA itself also keeps pace. The second is to continue to develop risk management as a profession, and to foster connections between our members across organisations.

 

It is an exciting time to be part of RMA Australia. As the premier association for risk management professionals in the Australian financial services community, we work hard to reflect and support the growing professional development needs of our members. 

HOW DOES RMA AUSTRALIA SUPPORT THE GROWING PROFESSIONAL DEVELOPMENT NEEDS OF OUR MEMBERS?

One of the ways we do this is through a range of events. We offer informative,  topical events to our existing membership base and through these events, aim to attract new members to our community. Over the past six years we have nearly doubled the number of events in response to member demand. Often our events “fill” in 40 minutes and this sometimes means that members miss out. 

WHAT HAPPENS IF I MISS OUT ON AN EVENT?

We are looking at ways to ensure all our members get access to our events all the time. If not able to attend or miss out on a specific event due to capacity, we want all members to be able to access the same information.

WHAT IS RMA AUSTRALIA DOING TO ENSURE ALL MEMBERS GET ACCESS TO AN EVENT?

We are currently researching a range of options. These include venues with larger capacity, waitlist priorities and webinars for our “full” events. From July 2019, we will be testing new webinar software to allow quick, easy and interactive viewing of our events.

We thank you for your support of RMA Australia and our events and look forward to delivering a smooth event experience for all.                                        _______________________________

Event Highlights

Sydney & Melbourne  Good Governance Starts With You, hosted by KPMG.  We ran this successful event in both Melbourne and Sydney. Thank you to speaker, Stephen Allen for his candour, intellect and humour and to John Paul (JP) Monck and Mish Monsur, KPMG for hosting.

L-R: John Paul (JP) Monck (Audit, Assurance & Risk Consulting, KPMG), Mish Monsur (Manager, Risk Strategy & Technology, KPMG), Richard Gilbert (Executive Director, RMA Australia), Stephen Allen (Senior Advisor, KPMG)

Upcoming August Events

Registrations have closed for our August event  - ASIC Update I Thu 8 August 2019 | 4.00pm Presentation followed by Networking Drinks from 5.00pm – 6.00pm. 

What our members are saying about our RMA events.....

“Good amount of time to ask questions. I like that there was some thought leadership. You don't often get this."

 

** Jeff McArthur - Chief Risk Officer, Greater Bank**  is an internationally experienced Banker having been in the Financial Services Industry for over 20 years in the UK/Europe, New Zealand and Australia. This has included roles within Banking, Wealth, including insurance and investments including brands such as Lloyds Banking Group, Scottish Widows and Standard Life.

 He is a passionate Banker who recalls his first day being introduced to his manager that included the ‘welcome to the world of risk management’ talk despite the role being in marketing! That has set him on the path to ensure that risk and compliance management can and should be a core integral part of any successful business.

 In recent years he has sought to embed a technology and digital approach to risk and compliance management – not only responding to the emerging technology but using it to more efficiently and effectively manage risk. This sits complementary to his desire to continue to develop and enhance the capabilities of people.

Jeff commenced his role at Greater Bank in May this year. He was attracted to a role that would see him help shape the future responding to an external environment full of change including regulatory created opportunities! 

 Jeff was previously a Head of Compliance and also Head of Digital Risk at Westpac for 7 years prior to joining Greater Bank in 2019 as the Chief Risk Officer with accountabilities for all financial and non-financial risk. More on Jeff, when we feature him in our August E-News.

 If you or anyone you know is "on the move" or has exciting news to share, please email marketing@rmaaustralia.org.

                                        

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