The Governance Institute of Australia has released its 2019 Risk Management Survey, which found that 500 risk managers and governance leaders point the finger at the regulators as a key risk.
Regulatory reform/legislative change was chosen as the top risk across all respondents for the next 12 months and the next three to five years.
Damage to brand or reputation came in second, followed by increased competition, talent attraction/retention and cyber crime.
Political instability, environmental risk/sustainability and economic shock were further down the priorities for the respondents.
The chief executive of the Governance Institute, Megan Motto, said the results correlated with what the institute had been hearing anecdotally from its members.
“The banking royal commission, APRA and ASIC’s ongoing investigations, and the new ASX Corporate Governance Principles and Recommendations have also forced organisations outside of the financial sector to look at their governance frameworks, including how they manage their culture, ethics and risk profile.
“The survey shows there is still a lot of confusion and nervousness in the market, especially about reporting requirements,…
