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 News | August 29, 2008 |
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Risk and governance bodies join hands
THE AUSTRALIAN Risk Policy Institute (ARPI) says it makes sense for professional bodies focused on promoting good governance to work together as the roles and objectives of their members increasingly overlap.
ARPI has teamed up with the National Institute of Governance (NIG) to help promote greater understanding and application of risk-based policies in the private and public sectors.
ARPI president, Tony Charge, said the “strategic partnership” was forged because each organisation was committed to promoting good governance and risk-based policies were a fundamental part of this.
“Risk policy guides an organisation’s appetite for risk – in both performance and conformance terms – and should align with acceptable risk tolerance levels for organisations and their stakeholders,” Charge said.
“The critical message is that effective, integrated risk management starts and finishes with clear, practical and understandable risk policy.”
Charge said overlapping objectives of various professional bodies committed to good governance was due to the growing professional and practical alignment between once discreet groups.
For example, he said there was now a much closer relationship between compliance and risk roles, yet both are “discrete components of good governance”.
“In establishing effective risk and compliance regimes, cultural change is necessary for both disciplines and implementation has many similar threads.”
Charge said the ARPI/NIG partnership would not impede either organisation working with other professional bodies.
ARPI and NIG are hosting a seminar on 10 July on risk-based policy formation, which will include presentations from a range of regulatory and industry leaders. Click here for details.
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19 June 2008
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