Past Event: Wednesday, May 25, 2022

Our annual ADI Virtual Conference highlighted the key regulatory and industry changes impacting the banking and financial services sector, ahead of the financial year end.

This year's conference was designed to serve as a checklist of considerations, including significant regulatory changes such as APS 220, tax risk governance, internal audit and risk, CPS 234, ESG and integrated reporting, AML and APRA's new bank capital framework.

Sessions

Regulatory changes

The regulatory landscape continues to evolve with changes to prudential standards such as APS 220, and amendments to compliance frameworks and data quality. This session will provide an overview of the key regulatory changes in the last 12 months impacting ADIs, and highlight key considerations ahead of 30 June 2022, and the next 12 months.

Presenter:

  • Darren Scammell, Partner & National Head of Financial Services
  • Tari Makanda, Director - Audit & Assurance
Tax risk governance

The ATO continues to emphasise its expectations on tax risk governance, and it can be costly for organisations who don’t get it right. There is a higher risk of audit activity for established ADIs, where a governance framework has not been implemented. This also extends to those looking to establish themselves as ADIs. Hear from our corporate and indirect tax experts who regularly liaise with the ATO, on what good tax risk governance looks like in practice.

Presenters:

  • Himashini Weeraratne, Partner – Tax
  • Andrew Barrah, Partner – Indirect Tax
Auditing risk culture - making the intangible tangible

While ADIs are required to have an internal audit function (outsourced, co-sourced or executed in-house), auditing risk culture is still a new concept for many. APRA’s 10 Risk Culture Dimensions, provide a foundation for ADIs to assess risk culture and map key metrics against each of the dimensions. Hear how to make the intangible tangible when auditing risk culture, particularly in the context of the 10 Risk Culture Dimensions.

Presenters:

  • Isabella Quant, Manager - Risk Consulting
CPS 234 Tripartite Reviews

Last year APRA released commentary following its pilot initiatives, and CPS 234 Tripartite Reviews are well underway for a number of APRA regulated entities. With APRA continuing to issue notices to entities, this session will be a timely reflection of the reviews to date, and our expectations for the next 12 months, including timeframes and auditor availability.

Presenter:

  • Matthew Green, Partner – Risk Consulting
  • Daniel Farthing, Director - Risk Consulting
An introduction into implementing ESG and Integrated reporting

ESG regulations are already in place in the EU, planned for New Zealand and Hong Kong, and we can expect Australia to follow suit in the near future. Where entities have already, and will begin to implement an ESG strategy, other entities will need to shift their attention to remain competitive in the consumer market.

Presenter: 

  • John Askham, Director - Audit & Assurance
Anti-Money Laundering and Counter Terrorism Financing (AML/CTF)

With AUSTRAC regulatory activity ramping up, AML continues to be an area of focus for reporting entities and their boards to ensure compliance. This session will look at key AML trends, what good governance may look like, highlighting recent guidance and information from AUSTRAC, and a recent regulatory activities being undertaken by AUSTRAC.

Presenters:

  • Katherine Shamai, Partner - Risk Consulting
Benefits in the new capital standard

The new capital standard effective January 2023, has a number of changes to capital requirements and reporting standards. What are the flow on impacts to your organisation, and how will your capital monitoring and
reporting be effected?

Presenter:

  • Kelsey Johnson, Director - Audit & Assurance

Speakers

Darren Scammell
Partner & National Head of Financial Services

Darren leads the Financial Services Industry practice for Grant Thornton in Australia. Darren is a specialist in the insurance, health, superannuation, electricity, investment and retail banking, property and funds management industries with over 30 years’ experience as an auditor and risk advisor.

Tari Makanda
Partner

Tari is an experienced financial services specialist who combines her technical skills with international experience, having worked in Zimbabwe, Cayman Islands and Sydney.

Himashini Weeraratne
Partner & Head of Financial Services Tax

Himashini has over 16 years’ experience providing tax advisory and compliance services to financial service providers, fund managers, managed funds, superannuation funds and their advisors. She also has extensive experience in project managing and coordinating a diverse range of funds and superannuation funds, and assisting clients with detailed knowledge of the taxation and regulatory issues affecting their industry.

Andrew Barrah
Partner

Andrew provides advice to public and private entities on complex financing and transaction structures involving inbound and outbound Indirect tax issues. Andrew is also responsible for Grant Thornton's Indirect Tax & Financial Services practice focussing on considering opportunities for cost improvement across the supply chain of mutual banks, credit unions and funds management clients.

Isabella Quant
Manager - Risk Consulting
Isabella Quant Follow on LinkedIn

Isabella is an experienced manager in the Financial Services Risk Consulting team with experience leading internal audits, delivering culture and governance reviews for APRA regulated entities, designing, reviewing and implementing risk management frameworks, assisting regulated entities to implement prudential standards and developing programs and initiatives to improve risk and control environments. She has worked with ADIs, general insurers and RSELs and worked on multiple engagements with APRA.

Matthew Green
Partner

Matthew brings 19 years’ experience in providing IT risk assurance and advisory services to listed, Government and private enterprise. His extensive IT risk assurance and advisory experience covers business and technology across strategy, governance, operations, service delivery, procurement, major projects, data risk management and 3rd party auditing.

Daniel Farthing
Partner

Daniel is a cyber security risk and technology controls Partner based in Grant Thornton's Sydney office. With 15 years of experience in the United States and Australia, Daniel is one of the market's leading experts on SOC-2 and technology controls audits more broadly -- including reviews with a focus on cyber/information security, access, change management, data governance and processing integrity.

John Askham
Director - Audit & Assurance

John is a Chartered Accountant with more than 15 years’ experience advising leading renewable energy developers and corporate offtakers on the establishment of major solar, wind and hydro facilities across Australia. Recently, John has advised CFOs and finance teams on the developing reporting frameworks and increasingly rigorous expectations around environmental, social and governance (ESG) reporting, as well as the adoption of integrated reporting and the associated business impacts.

Katherine Shamai
Partner

Katherine has over 17 years of professional experience in providing governance, compliance, internal audit, and risk management services to a range of clients including federal, state and local government agencies and departments, not-for-profits, ASX listed companies, and private companies.

Kelsey Johnson
Director – Audit & Assurance
Kelsey Johnson Follow on LinkedIn

Kelsey has 12 years’ experience in the financial services sector and has provided audit and assurance services to a range of clients in both the public and private sectors. Kelsey has developed a specialised skill set and a passion for providing audit and assurance services to financial services clients, and banking entities in particular.

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