ASIC's internal governance
- Management Committee
- Audit Committee
- Risk Committees
- Enforcement Committee
- Regulatory Policy Committee
- Regulatory Issues Committee
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 Management Committee makes decisions and provides leadership, direction and oversight of the management of significant operational matters.
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 Chair 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 Chair on the preparation and review of ASIC's financial statements.
ASIC's Emerging Threat and Harm Committee and Operational Risk Sub-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 Sub-Committee includes making recommendations to the Commission on improvements in ASIC's risk management framework and practices.
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.
The Regulatory Policy Committee makes decisions on behalf of the Commission about:
- new or revised regulatory policy
- law reform, and
- novel applications for relief.
The Regulatory Issues Committee considers strategically significant issues/matters generated by the surveillance work of Stakeholder teams (including in particular cross-team taskforces), including cross team projects, whole of market or sector reviews, major reports and matters where a position taken in one sector on an issue may have implications for the position ASIC takes on equivalent issues in other sectors (e.g. around management of conflicts).