Management staff from 28 universities across Australia attended a symposium last week for professionals working in university governance, risk management and compliance.

Hosted by Monash at its city premises, the symposium,
'Governance, compliance and risk – opportunities and challenges in the tertiary sector ', attracted university solicitors, internal auditors, council secretaries, risk and compliance managers, CEOs of university-controlled companies and planning specialists.

Keynote speaker and president-elect of the Australian Vice-Chancellors' Committee Emeritus Professor Di Yerbury, from Macquarie University, noted the need for modern universities to be increasingly entrepreneurial and stressed the importance of embedding risk management and compliance into day-to-day operations.

President-elect of the Australian Vice-Chancellors’ Committee Emeritus Professor Di Yerbury (centre), with Monash deputy vice-chancellor Ms Alison Crook and Mr Nick Thorburn, Monash Department of Audit and Risk Management.

Another speaker, corporate risk and compliance consultant Mr Neill Buck, said good systems were important for universities, but they were only as good as the behaviour and level of understanding of the staff, which makes training a vital factor.

In a welcoming address, Monash deputy vice-chancellor Ms Alison Crook said corporate collapses, changes surrounding the insurance industry and increased regulatory and reporting requirements have all led universities to focus more on governance and, in particular, on their risk management and compliance frameworks.

“The breadth of institutions represented today indicates that universities across Australia are all grappling with similar issues,” she said.

Mr Nick Thorburn, executive manager, Compliance, in Monash's Department of Audit and Risk Management, said idea for the symposium grew out of local networking with counterparts in other Victorian universities.