Is financial growth tied to regulatory compliance?
Over the past years the finance sector has been subjected to significant regulatory scrutiny. From APRA’s investigations into CBA and NAB, to the Hayne Royal Banking Commission into banking misconduct. The spotlight has been on governance, culture and accountability frameworks and practices. Non-compliance with regulations has resulted in large fines.
JNW has significant experience helping financial institutions comply with their legislative requirements. Some highlights include:
- For Nexus Mutual (Exxon Mobil’s staff bank), conducted a Management Self-Assessment HealthCheck against APRA’s Prudential Inquiry Report into CBA. This assessment against APRA’s 35 recommendations on governance, culture and accountability practices, provided insights into the organisations board and management governance frameworks;
- Undertook a Prudential Standard CPS 220 assessment of the effectiveness of the risk framework and developed a Risk Improvement Roadmap to reinvigorate the risk culture and enhance the risk intelligence for the Audit and Risk Committee;
- Developed a CPS232 compliant Business Continuity Framework. This included creating a BIA risk assessment process, a call tree structure, roles and responsibility cards, incident management templates, scenario plans, communication program and team deactivation steps;
- Sean Collier has extensive banking experience, having spent over 30 years with the ANZ bank, in various leadership roles across Australia, Singapore and the Pacific. At ANZ, Sean was responsible for developing and implementing governance, procedural and compliance frameworks to meet policy and regulatory APRA standards. This included conducting assurance testing and internal audits across APRA prudential standards, developing reporting standards and recommendations on improving compliance and procedural effectiveness;
- Whilst at ANZ, Sean chaired the Asset and Liability Committee and was a member of the Loan Sponsorship Committee that reviewed and facilitated the allocation of liquidity and balance sheet capital to loan and credit facilities;
- For the NAB, Sean developed the regulatory expectations model including developing model methodology, conducting regulatory analysis, engaging senior stakeholders, process build and implementing the control changes into a ‘business as usual’ process; and
- Sean currently assists Generation Life with their risk management and internal controls frameworks.
Examples of our financial services experiences are summarised below
Nexus Mutual (Exxon Mobil’s staff bank)
- Directors governance duties and regulatory obligations training
- Management Self-Assessment HealthCheck against the 35 recommendations in APRA’s Prudential Inquiry Report into CBA
- CPS 220 risk framework review
- Modernised the Risk Management Policy and Procedure
- Developed a CPS232 compliant Business Continuity Framework
- For this mortgage broker start up, created a Strategic RoadMap