Parts of ASIC registry's existing technology systems are over 25 years old. This limits service levels, search functionality, and the capacity to access and use the data. Some registrations remain paper-based, and particular data cannot be linked across the 31 registers that form the registry business.
Senior business leaders, fund managers, legal experts and regulators attended a roundtable recently to consider a new legal opinion by a senior silk on how corporate law requires company directors to consider and respond to climate-related risks to their businesses. Mr Noel Hutley SC, who provided the opinion, found that many climate change risks ‘would be regarded by a Court as being foreseeable at the present time’ and that Australian company directors ‘who fail to consider climate change risks now could be found liable for breaching their duty of care and diligence in the future’.
The Australian Prudential Regulation Authority (APRA) has released a paper on risk culture, noting that the GFC revealed major shortcomings in the way the financial services sector managed risk. The prudential regulator makes the point that these shortcomings were not just an issue of poor risk measurement, or weaknesses in internal control structures, but deficiencies in institutions’ attitudes towards risk. The prudential regulator notes that it is the combination of a poor risk culture and weak risk management that led to unbalanced and ill-considered risk-taking, significant losses and, in some cases, institutional failures.