Client alert

PHI regulatory changes and year-end considerations

By:
Alison Sheridan,
Darren Scammell,
Matthew Green,
Daniel Farthing
30 Jun 20222 min read
With the 2022 financial year coming to a close, private health insurers face a number of considerations in regulation and their year-end financial reporting, including:
Contents
  • IFRS 17 and IASB amendment effective for annual reporting periods starting on or after 1 January 2023;
  • Environmental, Social and Governance (ESG) strategy and reporting;
  • Governance and risk management review by APRA in 2023;
  • CPS 234 Tripartite Reviews;
  • Climate risk self-assessment survey; and
  • Review and refresh insurance risk management guidance by APRA in 2023.
TAGS
Authors
  • Alison Sheridan
    Alison Sheridan Alison leads our Private Health Insurance specialisation for Grant Thornton and has been involved with the audits of private health insurers for many years. Alison has a deep understanding of the issues facing the industry. She prides herself on her technical knowledge and is aware of the accounting complexities of insurance companies View Profile
  • Darren Scammell
    Darren Scammell 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. View Profile
  • Matthew Green
    Matthew Green 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. View Profile
  • Daniel Farthing
    Daniel Farthing 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. View Profile

Related content

View more
The importance of strong Expected Credit Loss modelling frameworks
Client alert The importance of strong Expected Credit Loss modelling frameworks
The transition to Expected Credit Loss (ECL) modelling under AASB 9 revolutionises financial accounting. Success relies on understanding ECL principles, ensuring data quality, robust methodologies, and effective governance.
Liam Te-Wierik
Claire Scott
| 3 min read | 19 Mar 2024
Strengthening capital management in the Australian banking sector
Client Alert Strengthening capital management in the Australian banking sector
Read more for insights from the latest APRA statistics and ICAAP reviews highlighting the Australian banking sector's strengthened capital management. Learn key considerations for ADIs to balance risk and growth effectively, including data quality, operational risk focus, and leveraging automation.
Claire Scott
Tari Makanda
| 3 min read | 14 Mar 2024
APRA's proposed new guidelines on IRRBB
Client Alert APRA's proposed new guidelines on IRRBB
Discover APRA's proposed new guidelines on Interest Rate Risk in Banking Book (IRRBB) through APS 117, impacting non-significant financial institutions (non-SFI). Learn about key requirements, including risk management framework integration, technology capacity assessment, and data quality evaluation, ensuring compliance and effective risk management.
Claire Scott
Tari Makanda
| 4 min read | 14 Mar 2024
    View more

    Subscribe to receive our publications

    Subscribe now to be kept up-to-date with timely and relevant insights, unique to the nature of your business, your areas of interest and the industry in which you operate.