ASIC's internal governance
The Commission is responsible for the exercise of ASIC's functions and powers, ASIC's strategic direction and its priorities and, through its meetings:
- makes decisions on matters within ASIC's regulatory functions and powers that have strategic significance, and
- oversees the management and operations of ASIC as a Commonwealth agency including the approval of business plans and delegations.
The functions and responsibilities of the Audit Committee include:
- the approval of ASIC's annual and strategic internal audit plans
- the review of all audit reports involving matters of concern to ASIC senior management, including the identification and dissemination of good practices
- the provision of advice to the ASIC Chairman on action to be taken on matters of concern raised in a report of the internal auditors or in a report of the Auditor-General concerning ASIC
- as far as practicable, the coordination of audit programs conducted by internal auditors and the programs conducted by the Auditor General, and
- the provision of advice to the ASIC Chairman on the preparation and review of ASIC's financial statements.
ASIC's Emerging Risk Committee and Operational Risk Committee assist, on an ongoing basis, in the effective management of ASIC's emerging, strategic, operational and fraud risks across all areas of its business activity.
The role of the Operational Risk Committee includes making recommendations to the Commission on improvements in ASIC's risk management framework and practices.
Regulatory Policy Group
The Regulatory Policy Group makes decisions on behalf of the Commission about:
- new or revised regulatory policy
- law reform, and
- novel applications for relief.
The Enforcement Committee is established to:
- make decisions on behalf of the Commission about the conduct, strategy and focus of major matters and other significant enforcement litigation and investigations, including the initiation of proceedings, and
- oversee, monitor and make decisions on behalf of the Commission about significant policy in relation to ASIC enforcement initiatives, including managing risk in the enforcement teams.