In the management consulting business, servicing the needs of our clients is first, second and third priority.  Whilst  we identified the need for a regular newsletter some time ago, we decided to give our clients the priority they deserve.

But at last, welcome to the first issue of InTouch, our newsletter designed to keep you up to date with developments in risk management, compliance and financial services.  From time to time, we will also feature other areas of interest, our services, our clients and results of recent surveys, especially if they expose organisations to risk and impact performance.  

We'll keep it brief and interesting.  But if you ever need any more information, contact us and we'll be more than happy to assist.

Enjoy our first issue,

Tony

• Australian doctors will take the lead to reduce risk and contain their PI costs by establishing their own independent Risk Management assessment certification.  The Aust Medical Risk Assessment Scheme (AMRAS) will assess and certify doctors’ medico-legal practices and give doctors a consistent benchmark on running a practice to avoid litigation.

• NSW businesses will need to take more responsibility for products "from the cradle to the grave" or face tough action under Australia's first Extended Producer Responsibility (EPR) program. The NSW Dept of Conservation & Environment (DEC) aims to reduce pollution and increase the recycled content of consumer products with voluntary and mandatory schemes.  Products identified include computers, TVs, tyres, nickel cadmium batteries and plastic bag.  In addition, cigarette litter, electrical products, end-of-life vehicle waste, household hazardous and chemical wastes, office paper, polyvinyl chloride and treated timber will be monitored in the future.

• Earlier this year, all non-essential power use was banned in Western Australia after Western Power (WP) advised it couldn't generate sufficient electricity to meet the expected high demand during heatwave conditions.  After the resignation of the chairman and MD, the new CEO established six-point plan to reduce the risk of further electricity shortages.  The plan includes developing new emergency management procedures, investing $7M in coal and liquid fuel to reduce dependence on gas, introducing demand management strategies with major consumers to cut peak energy use, reviewing the 10-year demand forecasts and pursuing expansion of the an alternative natural gas pipeline.

• National Australia Bank is on track to meet the demands set down by the prudential regulator in response to the bank's costly foreign currency options trading scandal.  One criticism by APRA was that, NAB had repositioned its global risk management function to be more of a "business partner" with frontline areas rather than a separate risk controller.

• International bank regulators reach an agreement to overhaul global lending standards, known as Basel II, paving the way for new rules from the end of 2006.

• QBE Insurance agrees to purchase ING's 50 per cent stake in the QBE Mercantile Mutual joint venture.

• The Australian Prudential Regulation Authority softens its stance on corporate governance and disclosure reform proposals for the general insurance industry after being strongly criticised for its hard-line approach.

Risk Management magazine asked our opinion on what we thought the biggest issue facing Risk Management.  Our response,  'the vicious cycle of risk management failure'.  Read the complete article on our website.  >> more

Want to keep all you risk management, compliance and audit information in one place? Are you after a complete risk management framework? Want to streamline your risk management processes?  Take a look at guardian.

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