Boards must manage risk appetites: ASIC

The corporate watchdog has warned that company boards need to better oversee and manage non-financial risks such as conduct and compliance risk.

The Australian Securities and Investments Commission on Wednesday released the 56-page report of its Corporate Governance Taskforce, which was given special funding by the government following the financial services royal commission.

ASIC chairman James Shipton said that information about non-financial risk – such as the risk of not treating customers fairly or not following the rules – was often buried in dense, voluminous reports presented to corporate boards.

AAP

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