2021 Risk & Compliance survey

A look at how Australia’s Superannuation trustees and asset managers are meeting an ever-changing regulatory and risk landscape

Over 30 of Australia's leading superannuation trustees and asset managers participated in a comprehensive survey looking into the systems and strategies being employed to manage risk, ESG and cybersecurity, and meet and pre-empt regulatory requirements.

A year on from our previous survey the pace of regulatory and organisational change has only increased. Organisations who are weathering this change best, have established teams with representatives from across their organisation to develop and implement strategy. System and data driven solutions are being used in place of tactical, manual fixes. Key highlights from the survey include:

Engagement with third parties to help with new regulations is proving challenging. Future processes, controls and monitoring should be developed and documented by internal working groups to ensure a smooth transition to a new 'BAU' for an organisation

Operational processes and controls aren't keeping pace with broader ESG commitments. Risk & compliance teams need to be more involved to address the gaps and influence metric measured. It's not clear how targets will be met without standardised, quantified disclosure

Risk profiles for cybersecurity continue to grow; regulators are seeing numerous, cyber issues arising from straightforward areas; upskilling boards and management to enable effective management of essential controls is a priority

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