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Principle 7: Recognise and manage risk: provides recommendations in regard to establishing a sound risk management framework and the periodic review of its effectiveness. Failure to recognise or manage risks can adversely impact shareholders and other stakeholders. Good risk management can not only protect but enhance value for stakeholders.
On 27 March 2014, the Australian Securities Exchange Corporate Governance Council (ASX CGC) released the 3rd edition of its ASX Corporate Governance Principles and Recommendations. These changes include a shift in how listed entities need to structure their governance and management of risk. The revised recommendations become effective for the entities first full financial year commencing on or after 1 July 2014.
Andrew Archer, National Audit Leader, T +61 2 8297 2400
