Corporate Governance

Our recent survey reached over 100 dedicated and experienced professionals from across the GRC spectrum. Ranging from compliance and risk management to cyber risk and integrated GRC, these individuals are the ones on the front lines, and their insights remind us that behind every percentage is not just statistic but a true human story, a tale of vigilance, collaboration, and the unyielding drive to create a resilient, compliant, and better future.

Today, the Australian Prudential Regulation Authority (APRA) unveiled a series of proposals that promise to reshape the governance landscape for banks, insurers, and superannuation trustees. It’s been more than a decade since APRA’s last major update to its governance standards, and these new changes are set to address critical gaps in the system—an evolution that is both timely and necessary as the financial environment grows increasingly complex.

If you’ve been keeping up with the evolving world of Governance, Risk, and Compliance (GRC), you may have come across my recent article that argues many GRC programs are fundamentally backward by focusing too much on compliance and risk before objectives. The article makes the case that true GRC should always start with clear organizational objectives, and everything else—risk, governance, and compliance—should support those goals. But why does this matter, and how can organizations better align their GRC strategies?

With the clock ticking down to the 2025 implementation of Provision 29 under the revised UK Corporate Governance Code (UK CGC), companies are in a race to align their risk management and internal controls with the new requirements. The mandate, which calls for boards to provide a declaration on the effectiveness of their risk frameworks, has sparked widespread discussion among compliance professionals, corporate leaders, and risk strategists.

The Securities and Exchange Commission (SEC) has approved a new quality control (QC) standard developed by the Public Company Accounting Oversight Board (PCAOB), marking a significant step forward in improving the audit practices of registered public accounting firms.

In the world of governance, risk management, and compliance, policies are not just procedural formalities—they are the bedrock upon which organizations build their operational integrity. Properly designed and implemented, policies ensure that processes, transactions, and behaviors align with the organization’s objectives, mitigating risks and upholding values. But as vital as they are, policies can also be a double-edged sword: when poorly managed, they expose organizations to significant legal liabilities.

The Office of the Comptroller of the Currency (OCC) has announced a series of enforcement actions for July 2024, highlighting its dedication to maintaining robust governance, risk management, and compliance (GRC) across national banks and federal savings associations. These measures underscore the OCC's commitment to ensuring that institutions operate within regulatory frameworks and uphold high standards of conduct.