Compliance, Governance and Risk Management

Compliance governance and risk management (CGRM) refers to the integrated approach organisations use to ensure adherence to laws, regulations, and standards while managing potential risks and having effective governance. It’s not just about meeting obligations; CGRM also involves strategic alignment of policies, procedures, and organisational culture to achieve business resilience.

The Role of Compliance in Australia

Australia has stringent regulatory frameworks overseen by bodies such as:

• Australian Securities and Investments Commission (ASIC)
• Australian Prudential Regulation Authority (APRA)
• Australian Competition and Consumer Commission (ACCC)

Non-compliance risks penalties, reputational damage, and loss of trust.

Governance: Steering the Organisation

Governance refers to the systems and processes used to direct and control an organisation. Effective governance in Australia focuses on accountability, transparency, and integrity.

Key aspects include:

• Establishing clear roles and responsibilities for boards and committees.
• Including a culture of ethical decision-making.
• Ensuring financial oversight and reporting integrity.

Risk Management: Proactively Addressing Uncertainty

Risk management identifies, assesses, and mitigates risks that could impact organisational objectives. For Australian businesses, this includes:

• Financial risks such as market volatility.
• Regulatory risks tied to legislative changes.
• Environmental and social risks, particularly in ESG compliance.

At BoardCloud, we understand the challenges Australian organisations face in compliance governance and risk management.