Learn more about how we can help you with benchmarked and customised risk and compliance consulting services.
Decision quality is the result of well framed questions, with clearly developed alternatives, supported by meaningful data, assessed trade-offs, solid reasoning and a commitment to action. Your risk culture will drive how well this process works and ensure consistency in decision making, and quality in decision content.
Risk and compliance cultures are sub-sets of your overall culture which is why identifying, measuring and improving them so clearly adds to organisational performance.
Risk and compliance
With all Australian organisations under immense pressure and scrutiny following the Hayne Royal Commission, the CBA Culture Review and the introduction of APRA’s Banking Executive Accountability Regime, the bar for boards and executives has never been higher.
Insync has created a world-class governance, risk and compliance consulting practice, combining our highly regarded governance, board and director effectiveness and culture expertise with deep risk, compliance and assurance knowledge and capabilities.
Benchmarked and customised risk and compliance culture surveys
Insync’s expertise in surveys combined with its deep experience and expertise in risk and compliance enables it to not only conduct state of the art risk and compliance culture surveys for clients but also to interpret those results and provide guidance or assistance with any remediation that may be required.
Insync has carried out dozens of risk and compliance culture surveys and risk and compliance culture modules of employee surveys for many ASX listed, private, and government entities. Those surveys are normally tailored to meet the requirements of each organisation by choosing survey items form Insync’s large bank of both benchmarked and non-benchmarked survey items.
Click on the solutions below to read more about how we can help.
ASIC Financial Product Design and Distribution Obligations Assessment
New ASIC Product Design and Distribution regulations are coming. Understand now how well you are preparing for these new challenges.
Business Risk Scenario Models
In order to make the best decisions we can in high pressure, time constrained environments, a Business Risk Scenario Model (BRSM) provides the information we need to make informed and reasoned trade-offs between all the valid options available to us.
Enterprise Risk Scenarios and Stress-Test Overview
Risk is the effect of uncertainty on your objectives. You are clear on what you are trying to achieve – but how clear are you on all the vectors where internal or external risks can combine to cause material harm to your business or blind you to emerging opportunity? History shows these killer risks and opportunities are often foreseeable. Developing, maintaining and stress-testing improbable but value destroying business scenarios is critical to ensure ongoing resilience and avoiding your own ‘Kodak moment’.
Unplanned regulatory intervention or inquiry can really stretch a business and sometimes a helping hand or fresh set of eyes can help you effectively manage through the process. Whether you are responding to regulators, litigation lawyers, or disgruntled shareholders, or dealing with Enforceable Undertakings, Class Actions, a Regulatory ‘Requirements’ Letter, or a government-initiated inquiry, additional skilled resources can be critical to the quality of your outcome.
Enterprise Risk Framework Reviews
The design, development, build and implementation of enterprise risk management frameworks is a core offering. Our team has decades of collective experience working across financial services, energy, government, telecommunications and utilities to ensure your new or existing RMF is ‘fit for purpose’. With a heavy focus on Decision Quality and the impacts of cognitive bias, we look through the ERMF to its core purpose – making better risk-based decisions, and that shapes our thinking for each individual client.
Project Governance and Risk Review
Considering the amount of change that most major projects deliver, many organisations seem to routinely miscalculate the business risk that comes with change. Business cases can be detailed and heavily scrutinized, but measurement of the existing risk profile, the delivery risk, and the delivered end-state risk, are three measurements that rarely get done. By failing to use your existing Risk Management Framework (RMF) and measure these operational risks, it is much harder to understand the impact of the project on the enterprise risk profile and its consumption of operational risk appetite (or capital). This results in the change risk impact of many major projects being risk assessed in hindsight, and it’s why many projects are deemed to have failed, at an enterprise level, even when they deliver many of the predicted business case benefits.
Culture and Accountability Reviews
You can’t regulate for culture. Regulators acknowledge this, however, increased regulation seeks to address perceived culture and accountability gaps that have hurt public trust in financial services, governments and large corporates and brought issues around social licence, operating models, incentives and remuneration, to the fore. Boards and Executives need meaningful methods to measure their risk culture and demonstrate how they will influence and shape it, including through appropriate and robust accountability frameworks.
Supplier Risk Reviews
Your business relies on a myriad of large and small third-party suppliers. Your procurement process ensures rigorous due diligence, supplier selection and contract negotiation and formation. Your Service Level Agreements (SLA’s) contain robust and actionable rights and obligations and monthly performance dashboards provide line of sight – ensuring you are getting the products and services you bargained for. However – your suppliers have many masters and their commitment to your objectives, priorities and standards are not always aligned. How do you ensure a regular independent assessment of your ‘actual’ risk exposure with this supplier is within acceptable limits?
Financial Crime Overview
Your customers, insurers and board will all want to know that you had appropriate financial crime prevention and detection systems in place should you ever be victim to a serious fraud, theft or corruption case. While there are great systems, policies, practices and practitioners out there to help you build a fit-for-purpose capability, the nature of financial crime means you should get regular assurance that your actual exposure reflects your risk appetite.
Few regulatory regimes can damage your brand more than AML/CTF. How you prevent and respond to money laundering or terrorism financing activity facilitated by your organisation impacts brand trust and integrity. Board and executive level understanding, direction and oversight is a precondition for effective management of this dynamic risk area.