Four years after it was forced to overhaul its risk management, ASX again is in the midst of a comprehensive reworking of its risk management framework.
, the RBA and ASIC forced the ASX to commission an independent report into ASX’s governance and operational risk management.KPMG won the tender for that job and produced a damning report in March 2018 that caused consternation at the Payments System Board , which comprises representatives of the RBA, ASIC, Australian Competition and Consumer Commission and Australian Prudential Regulation Authority.
Their letter, which was copied to former ASX chief executive Dominic Stevens, expressed concern about ASX’s governance of risk, its risk management framework and its IT practices and processes. ASIC and RBA agreed with ASX that they would have both a formal and informal engagement to ensure the program was implemented and all issues fixed by December 2020.
Areas where KPMG says ASX needs to act include its risk culture, governance, accountability, risk identification, risk appetite and risk reporting. “This could result in executives being excluded from strategic discussion and may lead to a culture where committee members choose not to speak up to avoid conflict or damaging trust.“The ExCo charter should be updated to include responsibility for maintaining a healthy collaborative approach while encouraging challenge and debate amongst members.
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