Internal Audit

CPS220 and Mergers

PFS Internal Audit team assisted an SFI ADI with their first CPS220 annual audit post merger, providing assurance over pre merger, Day 1 and subsequent implementation of the merged entity RMF.

Credit Risk Management Frameworks

PFS conducted a deep dive internal audit of a bank’s credit risk management framework. Our work identified product government framework enhancements and improvements to underwriting and arrears management. The audit results helped to refine Risk Appetite for credit risk and drive focused reporting to the Risk Committee and Board.

Actuarial support to internal audit of insurer

PFS provided the internal audit reports in respect of pricing processes, risk aggregation, capital management and reinsurance including on compliance with all APRA Prudential Standards of relevance to each of these areas.

Australian General Insurance license application

PFS advised and project managed an APRA general insurance licence application for the subsidiary of a global travel insurer.

Our work covered all aspects including licensing strategy, pre-application, submission and development of supporting documentation. We maintained project plans, led frequent regular meetings, and coordinated responses to APRA queries. PFS advised extensively on capital requirements, governance, and risk management.

This work necessitated a high level of engagement at senior levels, fostering deep relationships with key contacts as well as many others across the business.

PFS has also been engaged as the Appointed Actuary on an ongoing basis.