CAC Act Forum considers CFAR Discussion Paper
The CFAR Discussion Paper was a major topic of discussion at the third CAC Act Forum held on 27 April 2012. The Forum was well attended with 38 organisations receiving an overview of the Discussion Paper.
After morning tea, attendees divided into groups to discuss CFAR issues of relevance to CAC Act bodies. The CFAR Project Team was very interested to understand why there is a perception that the CAC Act is easier to work under compared to the FMA Act.
A number of reasons were given:
- the CAC Act is principles-based giving greater flexibility for individual bodies to tailor their management structures and governance;
- board members have external expertise and a broad range of skills that can embed effective risk management practices, drive performance, and focus on delivery; and
- the amount of reporting and compliance is less for CAC Act bodies compared to FMA Act agencies.
The CFAR Project Team is interested in exploring these reasons, and any others, further. If you have any thoughts on the subject, particularly if you have experienced both the FMA and CAC Acts, send an email or leave a post.