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

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Presentation on theme: "Risk Management for In-House Lawyers Risk and Legal A relationship made in heaven Tony Brain Head of Risk - AustralianSuper."— Presentation transcript:

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

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

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

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

5 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”

6 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

7 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

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


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