Financial ServicesThe introduction of the Financial Services Reform Act and recent changes affecting APRA regulated entities such as Life and General Insurers, ADI’s and Superannuation Trustees have changed the landscape within which financial services businesses now operate.
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A key feature of these new regimes is the requirement that all financial services entities establish a sound system of risk management and internal control. The depth of these requirements has been explained in various ASIC and APRA publications with ASIC referring to the Australian Risk Management Standard (AS/NZ 4360:2004) and the Australian Compliance Standard (AS/NZ 3806-2006) as relevant benchmarks.
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To add to the challenge, financial services companies are now also required to maintain adequate human resources, technology resources and financial resources as well as closely monitor key outsource relationships and implement conflict of interest policies. Those dealing with retail clients are also required to implement internal and external complaints handling systems.
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The focus of these changes has been on documentation and practical implementation of policies and procedures. To date many financial services companies have gotten by with manual, paper based systems, however the sheer complexity of the regulatory environment, and the demands of managing effective risk and internal control programs have now made this approach largely untenable.
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Simply put, it is now both a legal and a commercial imperative for financial services businesses to establish internal risk and compliance programs that work effectively.
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The CompliSpace Financial Services governance programs and services include:
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 Enterprise Risk Management
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Compliance (Internal Control)
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Complaints Handling
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Privacy
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CompliSpace demystifies the complexity of the Financial Services marketplace. Our programs have been developed by experienced managers, lawyers and leading company secretaries following detailed research of key ASIC Policy Statements and guidance notes. All policies are written in plain English taking the reader step by step through the key issues.
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CompliSpace leads the market in the provision of simple, comprehensive, value-for-money Corporate Governance programs and services. Contact us to see how we can bring good governance to life in your organisation.
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