Operational Resilience – A bigger game and a broader perspective
In July 2023 APRA published its new Operational Risk Management Prudential Standard, CPS230, which comes into force on 1 July 2025. To date, there is no accompanying explanatory CPG230. PFS Consulting discussed a draft CPS230 in September 2022 and provided further commentary after the final CPS230 was published in July 2023. CPS230 applies to banks, […]
Financial Accountability Regime is now law – A guide for financial institutions
The Financial Accountability Regime has become law. Don’t miss Madeleine’s guide, designed to explain the regime’s implications, and ensure seamless compliance for financial institutions. Read the full guide
APRA’s Guide for Directors
What do Directors, CEOs and Executives need to know? APRA’s recently released Guide for Directors is a must read for financial institution Directors, CEOs & Executives. This is a timely reminder that governance remains an important focus for APRA. While aimed at ADIs, the Guide contains cross industry obligations equally applicable to Insurers and Superannuation […]
The Special Needs of Financial Services Boards
The Special Needs of Financial Services Boards Was the misconduct in financial services enabled by directors who did not understand their businesses? This is the topic of a thought-provoking paper produced by PFS Principal Ian Laughlin and actuarial colleague Barry Rafe. Many recent reviews into the financial services industry have identified widespread and systemic misconduct. […]
Principles of value attribution for Unit pricing and Crediting rates – Business as Usual and Compensation
A framework to guide assessment and implementation By Jules Gribble, Principal Introduction All investment products, superannuation and otherwise, require the attribution of value to investors. Generally, the changes in value to be attributed at specific points in time (daily, weekly, monthly, …) reflect changes in value of underlying assets. There are essentially two ways to […]
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 […]
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 […]
