Insurance and the Royal Commission
Insurance was the last sector to come under scrutiny by the Royal Commission. Ineffective regulation, aggressive sales tactics and difficult claims processes were just some of the issues uncovered. Coupled with the proposed Protecting Your Super Package Bill 2018, these findings will have far-reaching consequences for insurance within superannuation. What do the findings of the Royal […]
The Royal Commission: Questions to ask in financial services
The interim report of the Royal Commission into Financial Services (released on September 28) was certainly damning. It paints the picture of a financial services industry focussed on the pursuit of short-term profit at the expense of basic standards of honesty. Of course, not all Australia’s financial services institutions have been guilty of such poor […]
Superannuation comes under scrutiny: Issues of note
The financial services royal commission turned its sights to Australia’s $2.6 trillion superannuation industry. A report was released on August 24, highlighting accountability, poor conduct and the role of regulators as key issues, particularly among retail funds. Issues that arose The commission exposed a broad range of areas for further investigation. It will look into these […]
Why is risk management a challenge for banks?
ANZ, Citigroup and Deutsche Bank are three more names to join the long list of financial institutions that have faced criminal charges. In this instance, the accusations relate to cartel conduct surrounding the sale of AU$2.5 billion of ANZ shares to institutional investors in August 2015. This comes after the Commonwealth Bank of Australia (CBA) was […]
Case Study – Barnardos Australia
Barnados Australia: The Special Needs of Financial Services Boards This is amongst the most rewarding work I’ve done. Without it, Barnardos ’ funding structures would not have changed – which has led to lives being positively transformed” – Adrian McGarva, PFS Consulting. In the late 2000s, out-of-home care for abused and neglected children in New […]
The collaboration conundrum: Lessons from the APRA/CBA report
It’s been called Australia’s most scathing regulatory report to date. The Australian Prudential Regulatory Authority’s (APRA) inquiry into a succession of conduct and compliance issues at the Commonwealth Bank of Australia (CBA), which culminated in the flouting of several aspects of anti-money laundering legislation, is certainly damning. APRA paints a picture of an organisation that became dangerously […]
The evolution of people-centred risk management
Until the Global Financial Crisis (GFC), risk management was often focused on building frameworks through policies, procedures, and governance arrangements. Culture was important, but the focus tended to be on documentation and process. Following the GFC, a profound shift in thinking took place. Culture was recognised as a key driver of comprehensive and successful risk management and […]
How to manage your cyber risk
Australian organisations have traditionally been a little behind their global counterparts in the uptake of cybersecurity measures, with CIO magazine reporting that 85 per cent of Australian businesses have suffered a data breach. This is significantly above the global average of 60 per cent. However, the introduction of the Notifiable Data Breaches (NDB) scheme, as […]
Governance in the digital age – is your board ready?
Upgrading your organisation’s digital infrastructure was once a way to stand out from the crowd. Now, it’s a necessity in order to avoid missing out on the forecasted US $1.16 trillion increase in the Asia-Pacific region’s GDP by 2021 that widespread digital transformation will contribute (according to Microsoft & IDC Asia Pacific research). Digital business […]
Proposed changes to superannuation: The PFS POV
Changes are coming for superannuation funds. In December, the Australian Prudential Regulation Authority (APRA) proposed adjustments to the way funds implement business objectives, measure their outcomes and make significant expenditure. Designed to produce better outcomes for members, the new standards will represent significant departures from current practice. Although only proposed, it’s highly likely that these measures […]
