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Whet Your Risk Appetite – What Boards Need To Know Abacus Conference 24 th September 2012. Whet Your Risk Appetite - What Boards Need To Know 1.

Published byEustace Newton Modified over 9 years ago

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Presentation on theme: "Whet Your Risk Appetite – What Boards Need To Know Abacus Conference 24 th September 2012. Whet Your Risk Appetite - What Boards Need To Know 1."— Presentation transcript:

1 Whet Your Risk Appetite – What Boards Need To Know Abacus Conference 24 th September 2012. Whet Your Risk Appetite - What Boards Need To Know 1

2 www.theriskboard.com.au Background World change Regulation and regulatory oversight Recent experience: JP Morgan Barclays HSBC Lend Lease Macquarie Bank Role of Director needs to evolve, but ‘how’? Whet Your Risk Appetite - What Boards Need To Know 2

3 www.theriskboard.com.au My aim today is: Recent experience Two differing approaches Culture Conclusions Whet Your Risk Appetite - What Boards Need To Know 3

4 www.theriskboard.com.au Recent Experience Expected losses Unexpected losses Whet Your Risk Appetite - What Boards Need To Know 4

5 www.theriskboard.com.au Whet Your Risk Appetite - What Boards Need To Know 5

6 www.theriskboard.com.au Whet Your Risk Appetite - What Boards Need To Know 6

7 www.theriskboard.com.au Writings on Loss Management COSO Enterprise Risk Management A natural consequence of taking risk Whet Your Risk Appetite - What Boards Need To Know 7

8 www.theriskboard.com.au Two Different Approaches Compliance Approach: Tick the boxes Judgment Approach: Experienced people Culture Reward & motivation Whet Your Risk Appetite - What Boards Need To Know 8 Three Lines of Defence

9 www.theriskboard.com.au Organisation Culture Binds people to a common mission and objectives Binds people to adherence to common values, ethics and behaviours Whole of organisation culture, not risk culture Centrality of Boards Board oversight Whet Your Risk Appetite - What Boards Need To Know 9

10 www.theriskboard.com.au Questions for Directors Strategy and risk appetite Reporting of the business results Test embedding Remuneration Whet Your Risk Appetite - What Boards Need To Know 10

11 www.theriskboard.com.au Directors Approach Up to date Dumb questions Pursue Ask what could go wrong Data vs information Whet Your Risk Appetite - What Boards Need To Know 11

12 www.theriskboard.com.au Gaps Data v judgement Process v experience Risk v reward Fear v greed Compliance v intuition People v process Independence v collaboration Whet Your Risk Appetite - What Boards Need To Know 12

13 www.theriskboard.com.au Strategic Issues for the Mutual Sector Unexpected losses in the US Where to grow What can go wrong? Whet Your Risk Appetite - What Boards Need To Know 13

14 www.theriskboard.com.au Whet Your Risk Appetite - What Boards Need To Know 14 Our People: Bruce Auty – Principal Michael Hamar – Principal Andrew Williamson – Director Bruce Hills – Director Peter Ewers – Risk Consultant brucea@theriskboard.com.au michaelh@theriskboard.com.au andreww@theriskboard.com.au bruceh@theriskboard.com.au petere@theriskboard.com.au

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