A speech by Peter Kell, Deputy Chairman, Australian Securities and Investments Commission to the Risk Management Association Australia Chief Risk Officers Forum, 16 September 2014.
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Today I want to focus on breach reporting by financial firms. The law requires financial services licensees to report breaches of the law to the regulator, but it has become increasingly apparent that this is not happening in a consistent manner across the industry. We are aware of some financial services licensees not reporting breaches to us in a timely manner.
So today I’m going to outline what ASIC expects from licensees in relation to breach reports, and the work that we’re doing with the industry to raise standards on this issue.
Before I talk about breach reporting, I’d like to briefly talk about:
ASIC’s role and the environment in which we operate, and the role of risk professionals in promoting a culture of compliance within their firm.