Borrowing from ERM literature, I would say that ERM includes •  aligning the entity's risk appetite and strategies,  •  enhancing the rigor of the entity's risk-response decisions,  •  reducing the frequency and severity of operational surprises and losses,  •  identifying and managing multiple and cross-enterprise risks,  •  proactively seizing on the opportunities presented to the entity, and  •  improving the effectiveness of the entity's capital deployment.
These include our efforts to: 1. lower the costs that merchants pay for payment services 2. support the development of Australia’s fast payments system 3. lower the cost and increase the speed of international payments 4. support innovation that will help Australia be well placed for the digital future. Lowering payment costs for merchants through competition First, to merchant payment costs.