Corporate cop's new line-up: CBA risk chief added

The federal treasurer Jim Chalmers has appointed three new commissioners to steer the corporate watchdog through the next five years, including a risk manager from the Commonwealth Bank

Chalmers said the new line-up "refreshed and renewed" the leadership at ASIC and ensured "our corporations, financial services sector and markets are effectively regulated".

These commissioners will ensure our corporate watchdog maintains a strong, fair, efficient and innovative financial system that delivers good outcomes for consumers and investors."

ASIC's three new commissioners are Commonwealth Bank chief risk officer for institutional bank and markets Simone Constant, CHOICE chief executive Alan Kirkland, and Treasury's first assistant secretary Katherine O'Rourke.

The appointments follow the departures of Cathie Armour and Sean Hughes and the upcoming exits of Danielle Press and Karen Chester.

Constant has worked at Australia's largest lender for three years.

Before that, she was chief risk officer for National Australia Bank's consumer bank and a deputy secretary of financial risk management and transformation at State Super

During her time at NAB, she was seconded to the NSW Treasury to help lead the Covid-19 Taskforce and Risk.

She stayed on for another four years overseeing finances.

Her title was deputy secretary of commercial, asset management and transactions.

Constant has also managed private assets and debt with stints at Babcock & Brown, and Access Capital Management.

As for Kirkland, he has led the consumer advocacy group for ten years joining from Legal Aid NSW.

He was a member of the ASIC Consultative Panel and the Ramsay Review, which recommended the establishment of the Australian Financial Complaints Authority and Compensation Scheme of Last Resort.

Previously, he was an executive director of both the Australian Law Reform Commission and the Ageing, Disability and Home Care Department for NSW.

Lastly, O'Rourke has also worked for the corporate regulator, leading work on fundraising, mergers and acquisitions, corporate governance, and regulatory policy.

During her time in the Treasury, she helped lead data and digital economic reforms, small business policy, and regulatory frameworks governing market conduct.

"Kate, Simone, and Alan each have considerable experience in areas relevant to ASIC's strategic priorities,' said ASIC chair Joe Longo said.

They join the Commission as we embark on a program of work to become a leading data-informed regulator and strengthen our commitment to strong and decisive enforcement of the law,"

Finally, Chalmers thanked outgoing commissioners Danielle Press, Sean Hughes and Karen Chester for their contributions to the regulator and to Australia.