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Reform, Regulation and Responsibility
Deloitte Risk and Regulatory Review 2018
This edition of the Deloitte Risk and Regulatory Review is shaped by the reform schedule of the Australian Government, the regulators ASIC and APRA, and the matters affecting the Financial Services Industry as a whole.
As the Royal Commission into Financial Services continues, we highlight some of its critical areas, as well as the changes that are and will continue to underpin the sectors in the industry whether locally or globally. These include:
Large ADIs need to comply with
The European Union’s new General Data Protection Regulation (GDPR) came into effect on 25 May 2018. Partner, Deborah Latimer and Deloitte Privacy and Data Protection Manager Ilana Singer encourages Australian financial services organisations caught by the regulation to identify opportunities in the GDPR, in addition to being compliant.
Financial crime and the way it is perpetrated, identified and managed is going through unprecedented change. Lisa Dobbin, Deloitte Financial Crime Leader and Mandy Green Partner in Deloitte’s Australian Financial Crime practice outline how digitising domestic and global commerce is creating significant new opportunities for the professional criminal.
In light of the high number of scandals exposing poor conduct in the global Financial Services industry, as well as other industry sectors Grant MacKinnon and Nick Syme look at the power of behavioural economics in preventing, detecting, and responding to poor conduct. Key to this approach is harnessing the power of behavioural economics to establish ‘customer outcome’ as a central tenet of operational processes and the product/service life-cycle.
Trust is at the heart of an individual’s relationship with an institution, and by association, its leadership. According to Edelman, trust is a valuable asset which is grown through trust building activities, and therefore should be an
The unprecedented focus on superannuation trustees to be accountable for the value their funds are delivering to members, also demands that they demonstrate they deliver member outcomes that are fair and value for money. Prashanti Ravindra, Governance, Regulation & Conduct Advisory Director, explores the impact of APRA’s recent proposals on how trustees can stand out from the crowd for members.
Assurance & Advisory Insurance Director, Sophie
Many organisations pride themselves on being good corporate citizens. Part of this involves treating all types of customers fairly, equitably, and being responsive to individual customer needs. Rosalyn Teskey, Governance Regulation and Conduct Advisory Partner, Adam Barringer, Risk Analytics Partner, and Sweta Shivdas, Risk Analytics Director outline how organisations can identify vulnerable customers using an
Published: August 2018