Australian firms need better risk management, says survey

A new report has identified complacency over risk management planning among Australia's 500 largest listed companies.

Conducted by Chartered Secretaries Australia (CSA) and SAI Global, the research indicated that many top firms lack a strategic and "forward-thinking" approach to risk management.

Tim Sheehy, chief executive of CSA, claimed many board members at ASX 500 organisations are "not yet taking full advantage of risk as an opportunity for value creation, not just value preservation".

He said the study - based on 118 respondents - had indicated that a large number of companies are still "in the early phases of risk management implementation".

Mr Sheehy called for more effort from senior management teams and directors to fully integrate corporate governance and risk planning frameworks.

According to a recent survey from the Australian Institute of Management, 26 per cent of the nation's chief executives and board directors believe they are underperforming at work, the Herald Sun reported.