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What will define governance between now and 2025?
New research shows that the day-to-day of a governance professional will be consumed by increased regulatory scrutiny, business complexity and technological disruption for the next five or so years.
Jerome Doraisamy
A report released earlier today, The Future of the Governance Professional, shows that in 2025, governance professionals will “still be working to manage additional regulatory scrutiny, more extensive compliance requirements within a more complex working environment, on top of the technological issues around disruption, data management and rate of change”.
Speaking about the report, Governance Institute CEO Megan Motto said: “While much of the research focused on the effects of technology by 2025, such as the accelerated rate of workplace disruption via artificial intelligence, blockchain, and new data privacy legislation, it is clear that most governance professionals believe they will be dealing with the fallout of this year’s enormous regulatory changes for the foreseeable future.”
“This has been driven by the financial services royal commission, and other changes such as the Banking Executive Accountability Regime (BEAR) and the newly revised ASX Corporate Governance Principles, which now demand in-depth assessments on non-financial metrics, such as diversity, environmental sustainability and culture.”
What is interesting, Ms Motto continued, is that this impact will flow beyond the financial sector and into all types of Australian organisations, regardless of their size or industry, she posited.
“They all expect additional regulatory scrutiny, and compliance burdens, especially among the next generation of governance professionals,” she said.
The report also found that just 30 per cent of governance respondents stated that they were “well prepared” or “very well prepared” to face the challenges of the future and 9 per cent said they were not prepared.
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
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