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Risk management is a journey. It is not achieved overnight nor is there a ‘standard answer’. It will take your company time to establish and needs to be regularly re-tuned to your company’s changing circumstances. Each company will ultimately establish its own unique level of risk maturity appropriate for its environment, industry and stakeholder expectations.

When the ASX Corporate Governance Council released the second edition of the Corporate Governance Principles and Recommendations (Principles), they made significant changes to Principle 7: Recognise and Manage Risk (Principle 7). The new Principle 7 reflects the increasing expectations of stakeholders (including supervisors and regulators) as to how listed companies should manage risk.

Guide prepared by Deloitte (Alex Sidorenko co-authored the guide) and Blackiston & Crabb Lawyers.