The Rapidly Changing Risk Environment
Collaborating with industry leaders, ASFA (Association of Superannuation Funds Australia), shared insight on the changing Risk Environment. We summarize some of the interesting facts:
Environmental, Social and Corporate Governance (ESG) Risk
• Industry has a policy directive in place to manage and develop new ESG procedures and processes.
• Industry is on track to implement ESG processes for net zero by 2050. The following areas support this change: a. 70 countries. b. Australia states (not Australian Commonwealth Government). c. Corporate. d. Business Council. e. Australian Industry Groups.
• Task Force on Climate-Related Financial Disclosures (TCFD), a reporting mechanism, 30% of ASX 200 market reports against the Climate Disclosure Rules.
• Prudential (Credential) Practice Guide on Climate Change has been developed and shared.
Information Security Risk
• Industry has a high priority to focus on Information Security Risk.
• Important for the Boards to understand where to invest to ensure compliance with Information Security in a years time, 2021/2022.
• The challenge for industry is to ensure the customer has an efficient experience related to Information Security Risk (including people security and physical security).
• Businesses are under pressure by regulators and the public to manage Information Security Risk with perfection.
• In implementing the required changes to support Information Security Risk for your Business, consider the best blend of project methodology to ensure a successful execution.
• The Emerging Risks Landscape for 2021: 1. Cyber Risk. 2. Your future, Your Super changes. 3. Working from home. 4. Culture and Conduct.
• All levels of Management (including Boards) should reflect and understand what other sectors are considering as the next Emerging Risk.
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