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Video: Corporate governance aspects of financial services institutions

Video: Corporate governance aspects of financial services institutions

March 26, 2014 9:12 AM | Posted by Mark Standen, Siobhan Doherty | Print this page

The terms of reference of the Financial System Inquiry include how governance structures across the financial system affect stakeholder interests, and how they may drive further change in the global and domestic financial system.

What aspects of corporate governance of financial services institutions may be of interest to the Inquiry?

If APRA's focus since the global financial crisis is any indication, the risk management practices of financial institutions, and the relevant regulatory requirements, may be a key area for consideration. Most recently, for example, APRA has introduced cross industry standard CPS 220 'Risk Management' (to apply from 1 January 2015 to all APRA-regulated entities), which introduces the need for these entities to have a separate board risk committee and a designated chief risk officer.

In this short video, Dr Bob Austin (Senior Legal Consultant), Mark Standen (Partner) and Lysarne Pelling (Senior Associate) discuss the key aspects of risk management of financial institutions currently the subject of APRA's attention, and the relevance of these issues for the financial services sector more generally.

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