Determining reserves for aged care providers

PFS Consulting Actuarial News, Aged care providers

Aged care providers must hold funds in reserve to pay for refunds of accommodation deposits. When residents have paid lump sums to partly or fully fund their accommodation costs, these deposits are refundable when they leave or pass away. These amounts are potentially useful to the business for investment in permitted capital expenditure, such as […]

A five-minute summary of the Hayne Royal Commission findings

Hayne Royal Commission

By now you have probably begun analysing the findings of the Hayne Royal Commission – however if you need a top line catch up, here’s our summary, with some of our own thoughts added. High lights (or Low lights) Overall, the Commissioner laid the blame for the various acts of misconduct at the feet of […]

The Royal Commission: Questions to ask in financial services

Royal Commission, 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 […]

Why is risk management a challenge for banks?

Risk Management

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 […]

The evolution of people-centred risk management

Risk Management the evolution of people

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

Cyber risk management

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 […]