find the latest legal job
Senior Associate - Competition, Policy & Regulatory
Category: Other | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Work with a well regarded Partner · Sydney CBD
View details
Commercial Litigation Senior Associate
Category: Litigation and Dispute Resolution | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Lawyers Weekly Australia Partner of the Year 2016, Insolvency
View details
MULTIPLEX Regional Legal Counsel (Vic) | 7 to 10 years + PQE
Category: Generalists - In House | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Career defining in-house role · Tier One international contractor
View details
Junior Lawyer - Personal Injury Law
Category: Personal Injury Law | Location: Parramatta & Western Suburbs Sydney NSW
· Highly specialized practice · Challenging role with great opportunities
View details
IR Advisor/Member Advocate
Category: Industrial Relations and Employment Law | Location: St Leonards NSW 2065
· Permanent (0.8-1.0 FTE) role in a developing team
View details
Regulations roll out with GFC

Regulations roll out with GFC

The global financial downturn has prompted governments around the globe to introduce a range of regulatory reforms, driven by market failures that demanded action, argued Nola Watson, head of…

The global financial downturn has prompted governments around the globe to introduce a range of regulatory reforms, driven by market failures that demanded action, argued Nola Watson, head of the Chief Executive Office of Insurance Australia Group (IAG) on Monday.

Speaking at a luncheon series hosted by the Women Lawyers Association of NSW and sponsored by Tresscox Lawyers, Watson said there had been a shift in attitudes about the fundamental role of governments and the private sector in the new economy.

As a result of the global financial crisis, the community has entered a heightened state of anxiety, placing increased pressure on governments to identify and prevent risk, said Watson.

"There is greater emphasis on consumer protection issues with Australia fast tracking legislation ... Governments are leaning strongly to implement measures that ensure greater accountability and transparency," she said.

Watson said regulations surrounding executive pay practices, as well as the banking and finance industry, were examples of governments responding to genuine community concerns. She warned, however, that regulation could be costly and needed to be made on the basis of sound risk management solutions.

"Regulators don't manage business. Boards and company directors are responsible, ... so when regulating we must take care that we get the balance right," she said.

Governments approach any crisis, including the GFC, in three stages, according to Watson. The first phase is aimed at local and immediate action; next comes the recovery phase, to stop damage and ensure the situation is under control; and the third stage focuses on prevention and implementing remedial measures.

"I think we're moving into phase three and a focus on actions to build greater resilience, with the most attention on regulations and political action to ensure long term sustainability and economic growth," she said.

- Sarah Sharples

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Regulations roll out with GFC
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Sep 20 2017
Silk picked to monitor national security laws
Dr James Renwick SC has been appointed as Independent National Security Legislation Monitor after se...
Two businessman, growth
Sep 19 2017
Aus catching up on international arbitration front
Australia is starting to see a spike in international arbitration with this set to continue over the...
Sep 19 2017
Manson family killer suffered ‘miscarriage of justice’: former lawyer
A retired Australian barrister has published a book on the Manson Family murders of 1969 and called ...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...