Australia’s APRA Introduces New Regulations to Enhance Operational Risk Management

The Australian Prudential Regulation Authority (APRA) is set to bolster operational risk management in the banking, insurance, and superannuation sectors by introducing the Prudential Standard CPS 230 Operational Risk Management.  The regulation, which follows industry consultation initiated in July 2022,...

ASIC Deputy Chair Advises General Counsels on Regulatory Perspective

Australian Securities and Investments Commission (ASIC) deputy chairwoman Sarah Court has shared insights with the nation's top in-house lawyers, urging them not to take regulatory scrutiny personally.  Speaking at the annual General Counsel Summit in Sydney, Court emphasised the need...

Regulators’ Role Not Personal, Says ASIC Deputy Chair to In-House Lawyers

Sarah Court, the deputy chairwoman of the Australian Securities and Investments Commission (ASIC), has offered counsel to the nation’s top in-house lawyers, advising them not to take regulatory scrutiny personally.  Speaking at the annual General Counsel Summit in Sydney, Court...

Government Urged for Decentralised Approach to AI Regulation, Emphasising Responsible Growth

A submission to the Federal Department of Industry, Science, and Resources has called upon the Australian government to adopt a decentralised approach to regulating artificial intelligence (AI).  In their joint submission, DLA Piper and Insurtech Australia emphasised the importance of...

Australia Urged to Accelerate Crypto Regulation for Global Competitiveness

Coinbase's Chief Policy Officer, Faryar Shirzad, has urged Australia to establish clear and robust regulations for the cryptocurrency sector to stay competitive in the global race. "Regarding time frames, you might find it interesting that MiCA will go live probably...

Embracing Digital Transformation and Analytics-First Approach: A Game-Changer in Banks’ Risk Management

Banks face growing challenges in the ever-changing landscape of the financial industry due to market volatility and external influences.  Risk management becomes a critical priority for financial institutions as uncertainties arise from geopolitics, cyber security, the Covid-19 pandemic, climate change,...

Rising B2B Trade Defaults Predict Increase in Business Insolvencies, CreditorWatch Report Finds

In a recent report, CreditorWatch's June 2023 Business Risk Index (BRI) highlights a concerning surge in B2B trade payment defaults, signalling potential financial stress among businesses and projecting an upswing in insolvency rates in the months ahead. Key Findings from...

PwC Australia Removes Eight Senior Partners Involved in Tax Scandal as Investigations Continue

PwC Australia, an embattled consulting firm, has taken action by removing eight senior partners involved in a tax scandal linked to the use of confidential Treasury briefings.  Former CEO Tom Seymour and seven others, including the former risk officer, were...

Treasury’s Strategic Plan to Modernize Australia’s Payment Regulatory Framework

The Australian Treasury has unveiled a strategic plan to modernize and revamp the regulatory framework for payments in the country.  The plan, which encompasses a range of initiatives, is designed to enhance safety and security measures, update the regulatory landscape,...

Australian Businesses and Consumers Face Risk of Economic Slowdown, Surveys Reveals

According to recent surveys that indicate concerning trends for the economy, Australian businesses and consumers are facing the risk of a sharp slowdown ahead.  The National Australia Bank (NAB) survey reveals a slowdown in business activity and declining spending confidence,...
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