Navigating Financial Regulatory Changes: Strategies for ADIs in 2024

Navigating the Evolving Regulatory and Risk Landscape for ADIs

In today's dynamic financial environment, stakeholders are placing greater emphasis on aspects such as conduct, resilience, confidence, safety, compliance, and sustnability. Meeting these expectations necessitates not just adaptability but strategic insight as well.

As we approach a new financial year, it is crucial to strategize the path forward for your business by understanding how to navigate regulatory changes, integrate sustnability practices, leverage emerging technologies like Gen responsibly, combat fraud, and enhance cybersecurity measures.

We understand that this landscape presents significant challenges. As experts in financial services risk management, we are committed to delivering proactive solutions tlored to the unique requirements of each institution. Our team is equipped with extensive experience, having worked with superannuation funds, investment managers, credit unions, mutual banks, foreign banks, mortgage funds and other financiers covering residential mortgage funding, personal ling, commercial ling, leasing, specialty finance, and more.

Key areas for focus include:

1. Adapting to Real-Time Payments: With the phase-out of cheque systems and BECS payment methods, businesses must evolve their payment processes while managing new compliance requirements that come with real-time instant payments in Australia.

2. Strengthening Insurance Resilience: Following changes introduced in July 2023 to the prudential standards for private health insurance, institutions need to adjust their capital adequacy assessments and operations to align with APRA’s framework, ensuring they mntn stability while adapting to international best practices.

3. CPS 234 Transition to CPS 230: As the review period under CPS 234 Information Security nears its in June 2024, regulated entities face pivotal decisions regarding transitioning to CPS 230 Operational Risk Management. Preparation for this shift includes understanding interdepencies with CPS 234 and ensuring alignment with APRA's capital framework.

Our team is committed to supporting your organization by providing timely and relevant insights tlored to your business context, interests, and industry dynamics. We will help you anticipate and manage risks effectively while ensuring compliance and continuous improvement in operational efficiency.

Stay ahead of the curve by subscribing to our publications for updates on regulatory changes, industry trs, best practices, and more. Connect with us to discuss how we can tlor a strategic approach to meet your specific needs.

Resources for Guidance

• Managing Transition to Real-Time Payments: Learn strategies for adapting financial processes in anticipation of real-time payment systems.

• Strengthening Insurance Resilience: Dive deeper into the latest prudential standards and compliance requirements impacting private health insurance firms.

• CPS 234 to CPS 230 Transition Insights: Explore how regulated entities can navigate the transition between information security assessments and operational risk management frameworks.

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