Risk management and superannuation

Financial risk relates to any money flowing in and out of a business and is often characterised into four categories:

• Market risk - a risk from the marketplace in which a business operates
• Credit risk - the risk of losing money because someone fails to perform according to the terms of a contract
• Liquidity/funding risk - risk you encounter when trying to sell assets or raise funds
• Operational risk - covers all risks a business might encounter on a day to day basis, including: theft; fraud; and staff turnover.

AUSTRALIAN

• Risk Management Association Australia (RMA Australia)
• Risk Management Institution of Australasia (RMIA)
• Tax Practitioners Board

INTERNATIONAL

• Global Association of Risk Professionals (GARP)
• Institute of Risk Management (IRM)
• Professional Risk Managers' International Association (PRMIA)

Superannuation ('super') is a compulsory system of placing a minimum percentage of your income into a fund to support your financial needs in retirement. 

Source: Australian Super

ASIC's Moneysmart provides information on:

• Super in Australia and how it compares to systems around the world;
• How money is paid into super;
• Looking after your super;
• Accessing your super;
• Insurance through your super fund;
• Tax and super.

The Australian Taxation Office (ATO) provides information on self-managed super funds, including changes as a result of the 2016 Federal Budget. This includes a comparison of SMSFs and other super funds in the Australian context of: members and trustees; responsibility; insurance; investments; and regulation. 

The ATO also provides a wealth of SMSF videos on topics such as: setting up an SMSF; investments; and administration/wind up activities.