Annual Report 2019 Directory Board of Directors Director, President & Chair Mr Anthony Ventura Director & Company Secretary Ms Belinda Olejniczak Finance Director Mr Anthony (Tony) Dudley Director Mr Stephen Higginson Director Mr Anu Kukar Director Mr Simon Levy Director Mr Tim Markey Director Mr Jason Smith Independent Director Ms Vicki Mullen Independent Director Ms Robin Moore Chapter Presidents Australian Capital Territory Ms Dannya Hu New South Wales Ms Nafeesa Aziz Queensland Ms Donna Spethman South Australia & Northern Territory Ms Elise Nisbet Tasmania vacant Victoria Mr Daniel Atkin Western Australia Mr Ben Johnson New Zealand vacant South East Asia vacant - to be appointed Jul-Dec 2020 Committee Chairs Conference Committee Mr Anthony Ventura Finance Audit & Risk Committee Mr Tony Dudley Professional Development Committee Mr Mark Ryan Head Office Chief Executive Officer Mr Scott Ryrie (resigned March 2019) Mr Andrew Lynch (Acting to 10 October 2019) Current Chief Executive Officer Mr Jason Smith (Acting - current) Marketing Manager Mr Andrew Lynch (resigned Oct 2019) Membership Manager Ms Belinda Millard (resigned Nov 2019) Current Membership Services Manager Ms Julia Oliver Events & Marketing Coordinator Ms Louise Rogers Events & Business Development Manager Ms Jessica Ginn Events & Operations Coordinator Ms Carlissa Eves (resigned Dec 2019) Research Coordinator Ms Jessica Williams (resigned Feb 2019) 2 Table of Contents Directory 2 Purpose & Values 4 President’s Report 5 Chapter Reports 9 Financial Report 12 Director’s Report 12 Auditor’s Independence Declaration 18 Statement of Profit or Loss and Other Comprehensive Income 19 Statement of Financial Position 20 Statement of Changes in Equity 21 Statement of Cash Flows 22 Notes to the Financial Statements 23 Director’s Declaration 40 Independent Auditor’s Report 41 3 Purpose & Values Our Purpose Our Values RMIA’s purpose is to promote recognition and The basic fundamental of our organisation is to reward for our members and deliver: improve the value proposition of risk management by setting a new benchmark for the profession and high- • Recognised risk management certifications quality outputs through education and networking Education and professional development to • opportunities, to ensure our members’ ongoing facilitate collaboration within the global risk development as leading risk professionals. management communities Our aspiration as the leading risk management Advocate and influence the advancement of • professional body is by 2020, to significantly impact the risk management profession the community to improve the quality and understanding of risk management in our region and Our Vision thereby increase the influence of risk management in everyday decision-making whether it be in To ensure our members are recognised as the best in government, business or in the community. Through the risk industry and are fulfilling leadership roles at our profession’s contribution to better decisions and all levels across the organisations they serve. outcomes, we ensure success and recognition of our About the RMIA members in the greater community. Our Values guide our decisions and prioritise our The Risk Management Institute of Australasia Limited efforts: (RMIA) is the professional institution and industry association for Risk Managers in the Asia Pacific • Inclusive - Welcoming and accessible to the region. RMIA members are involved in every sector of entire risk community the community and economy. • Informed - Understand expectations and needs The RMIA, from its predecessor organisations to this relevant to our members and stakeholders day has over 30 years’ experience in representing • Collaborative - Communicate and engage as the practice of risk management. We facilitate one team, honestly, ethically and with care linkages between Members and offer continuing for each other professional development opportunities via our • Progressive - Forward-thinking and innovative Annual Conference, Risk Odyssey Conferences, Best Practice Guides, Special Interest Groups, Chapter Networking Events and Education Programs. 4 President’s Report Over the last year the Board and Management have • Laid the foundation to aggressively build out worked together to refine our strategy and our professional development training offering supporting governance construct. This is to ensure for members in 2020. there is alignment in our aspirations and goals for our • Commenced the update of our Risk members so as to safeguard the long-term financial Management Body of Knowledge domains to strength of the RMIA. As always, I am deeply grateful best support our professional accreditations. for the contribution and efforts of our Board of Maintained the stable growth trajectory for Directors, Chapter Presidents and their State and • RMIA Membership. Territory Committees, our Board Sub-Committees and National Office over the last 12 months. I would You will see as you review this annual report, in the also like to acknowledge, the support and last year we have accomplished many key initiatives contribution of all our RMIA members. proposed by the Board or initiated because of input from our Members. As also covered in the annual The past year to date, reflects an exciting period of report for material matters subsequent to our year continued transformation and growth for RMIA end, we dynamically pivoted the RMIA to navigate including the following key achievements: through the continuing COVID-19 pandemic crisis and • Leveraged the newfound capabilities through as at the date of my report I’m pleased to note that the 2018 investment in a CRM system, which despite all of the difficulties faced the RMIA remains has streamlined for example members ability in a sound financial position; has experienced good to register for our numerous State Chapter, growth in new memberships; adapted all of our and national training and education events. training courses to be offered online; and • Collaborated with the Australian Institute of repositioned the running of our 2020 National Internal Auditors and the Australian Catholic Conference in an a manner that we are confident University on various events across the will truly delight members later this year. country. Through key Board leadership decisions, we are • Continued to leverage our strategic working to strengthen the association and to position partnerships with the Australian Information RMIA as the premier risk professional industry Security Institute and the Australian Supply association in the Asia Pacific region. Chain Institute. RMIA Membership • Secured a truly inspirational speaker for the RMIA Keynote Tour. I am pleased to report that the RMIA membership has • Increased the level of member outreach continued to increase at a healthy, steady rate through some outstanding State Chapter throughout 2019 and with a very positive outlook for events, our weekly newsletters and risk 2020 given the growth in new members to date in magazine. the current year. We continue to strive with our ambitious membership plans that formed part of our 5 Risk 2020 strategy which focused on building vibrant • Risk Consultant of the Year: Gavriel Schneider risk communities across our region. At the end of • Risk Student of the Year: Olivia Johnston and 2019 the Board took active steps to refocus this Jacky Purves strategy heading into 2020. Membership for 2019 RMIA Chapter of the Year: South Australia reached 1,271, with in excess of 300 new members • attracted to the RMIA throughout the year. In 2020 Annual National Keynote Tour we will continue to focus on the needs of our members and develop a greater connection to the On the back of the success and great feedback we membership. I welcome all new members to the received on the 2018 Keynote Tour with Irene RMIA community and encourage you all to network, Quarshie, Vice President of Global Supply Chain and engage and develop connections with our great Logistics, Target Corporation USA. We followed this members. up with Cheryl Sarah Bart AO. Cheryl is a Lawyer, Company Director, and the first Australian female Professional Development Committee and the 31st person worldwide to complete the ‘Explorer's Grand Slam’. Namely, the Seven Summits The Professional Development Committee has plus skiing, unsupported, to the North Pole and the overseen continued enhancement of our education South Pole. She completed the North Pole on 22 April and professional development program to ensure 2013. Her daughter is Nikki Bart, with whom she that we remain relevant and up to date for members became part of the first mother-daughter team to in servicing their professional development needs. The list of Endorsed Courses available through the summit Mount Everest and complete the Seven Summits. Cheryl’s story of both corporate and RMIA continues to grow, and we have maintained a mountaineering success and the importance of robust process for endorsement to ensure the level proactive and thorough risk management is truly of courses are of the highest standard. Given the inspirational and was well received by all of our current momentum, 2020 is shaping up to be a members during her national keynote tour. We landmark year for number and diversity of short would like to also acknowledge the continued course offerings we will be directly offering to members under the RMIA banner. We are very support of our sponsor Swiss Re Corporate Solutions in being able to bring these high-quality speakers to excited about the body of work being completed