GRC Professional - February 2015 Edition | Page 4

Contents Contact us GRC Professional is the official monthly publication of GRCI in Australia, New Zealand, Hong Kong & South-East Asia. GRC Institute COVER STORY 9 Personal liability fears grow The demands and pressures of a risk and compliance role continue to grow. And, now there is a concerning global trend towards personal liability for risk and compliance staff. SPECIAL FEATURE 22 Global Risks Report The World Economic Forum reveals the biggest threats. MD’S MESSAGE READER POLL NEWS X page 3 X page 4 X page 6 FINANCIAL CRIMES Sanctions Do the Russian sanctions make compliance more difficult? X page 14 Remitters New Zealand remitters are facing familiar challenges. X page 16 Organised Crime GRC Professional met with Duncan McNab to discuss the money laundering methods of organised criminals. X page 17 WHAT WENT WRONG HSBC Tax Concerns The leak involving HSBC’s secret Swiss accounts is another damaging blow to the banking industry. X page 20 HOW TO GUIDE Reputational Risk Social media and a 24 hour news cycle mean a crisis moves quickly and unpredictably. How can you protect your reputation in a crisis. X page 24 IN DEPTH Unfair Contract Terms Gary Hughes discusses the latest big legal issue in New Zealand. X page 26 SURVEY Risk Maturity Survey GRC Professional looks at the results from the GRCI Risk Maturity Model survey. X page 29 2 GRC Professional • February 2015 President: Alf Esteban Vice President: Carolyn Hanson Treasurer: Debra Neill Director: Susan Cretan Director: David Morris Director: Stephen Luk Director: Lois McCowan Managing Director: Martin Tolar [email protected] Sales and Marketing Manager: Caroline Lee [email protected] Professional Development Manager: Maree Hurley [email protected] National Manager: Naomi Burley [email protected] Ph: [phone] Fax: [phone] www.thegrcinstitute.org GPO BOX 4117 Sydney NSW 2001 Australia GRC Professional Editor: Daniel Sheehan [phone] [email protected] Advertising: Caroline Lee [phone] [email protected] Design: Terence Ling [email protected] Disclaimer: While GRCI uses its best endeavours in preparing and ensuring the accuracy of the content of this publication, it makes no representation or warranty with respect to the accuracy, applicability, fitness, legal correctness or completeness of any of the contents of this publication. Information contained in this publication is strictly for educational purposes only and should not be considered legal advice. Readers must obtain their own independent legal advice in relation to the application of any of the material published in this journal to their individual circumstances. The Institute disclaims any liability to any party for loss or any damages howsoever arising from the use of, or reliance upon, any of the material contained in this publication.