Risk Management for In-House Lawyers Risk and Legal A relationship made in heaven Tony Brain Head of Risk - AustralianSuper

Topics Background General Counsel risk responsibilities How Risk can assist General Counsel How General Counsel can assist Risk General Counsel value add In summary

Background General Counsel Increased Complexity SPS 210 & 510 CPS 210 & 510

Risk Responsibilities Identification Assessment Mitigation Management of Risk Culture Legal and regulatory Risk FSB Guidance: Risk awareness Risk taking Risk management

How Risk can assist General Counsel Manage complexity Reference for decision making: – Understand Risk Framework – Understand Risk Profile – Understand Risk Appetite – Enhanced capacity for commerciality: Rewarded Risk Unrewarded Risk Promote “seat at the table”

How General Counsel can assist Risk Input to the Risk Profile Input to the Risk Appetite Inventory of legislative obligations (not only RSE/AFSL law) Promote the Risk Management Framework (RMF) Common language Understand Risk Culture Promote the 3 lines of defence Promote risk awareness in the context of the RMF

GC Value Add Understand the legal risks of strategic initiatives Educate regarding risk consequence Assess risks and hence prioritisation Operational Risk Reserve input re $ impacts Identification of emerging risks Promotion of a consistent tone Add to the enterprise-wide perspective Consideration as to how risks interact

In Summary Be risk aware Enhance identification of legal risks Enhance legal risk & monitoring Improve efficiency & effectiveness Contribution to the corporate culture