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Regulatory Round-Up from GRC 2021

Friday 29 October 2021

The first day of the GRC 2021 Conference the Raising the Bar had regulatory line up sharing the insights on what they have been working on what they expect from their reporting and Regualted entities the now and in the future:
Representing the Australian Securities and Investments Commission was Institutional Supervision team leader Suneeta Sidhu addressed the general uplift of non-financial risks win the financial institutions since the royal commission into financial services and banking. 

Beyond $52 billion or remediation that has been recorded the securities investments commission also has an interest in looking beyond the dollar figure to consumer.  She looked at breached reporting the, the design and distribution obligations and internal dispute resolution (IDR). 

She urged businesses to look to the complaints because that can be important source to establish whether issues are systemic.

From the Australian Prudential Regulation Authority (APRA) Executive Director for the Cross-Industry Insights and Data Division Sean Carmody talked about the prudential regulator use of the data to identify internal challenges that regulated entities might have but have not identified. 
An example of their visual data representations can be seen in their paper where assess organisations by the ten dimensions of risk culture

 Australian Transaction Reports & Analysis Centre (AUSTRAC) General Counsel and National Manager, Legal and Enforcement Katie Miller warns reporting entities that, “The cost of an enforcement investigation should not be underestimated the.”

She also added that the financial intelligence unit the has found the breaches of the anti-money laundering & counter terrorism Financing rarely happen in isolation. 
Miller said that while the reporting entities generally have the AML/CTF program they still need improvement when it comes risk assessments transaction monitoring and enhanced due diligence. 

They also will soon be consulting on a guide for IFTI reporting. 

 Delia Rickard who is the Deputy Chair Australian Competition and Consumer Commission she highlighted the work that had been done and continues to be done on the expanding consumer data right and expressed concerns on poor conduct around debt collection and the deceptive and misleading claims as it relates to environmental marketing. 

She also highlighted the continued work to disrupt scams. 


Australian Financial Complaints Authority (AFCA) Lead Ombudsman for Superannuation Heather Gray of the has highlighted those complaints on major banks fell 7 per cent last year while the complaints across the financial industry fell 35 per cent. 

However, insurance space the funeral insurance was still a significant challenge. 

Gray sited poor communication to customers as major of financial complaints. 


Australian Information Commissioner and Privacy Commissioner of the Office of the Australian Information Commissioner (OAIC), Angelene Falk, said 70 per cent of Australian are concerned being susceptible to fraud or some other kind of identity theft or some other kind of scam. 
Falk expressed concerns that 61 per cent in the financial sector took 35 days identify breaches and this sector also the longest notify the industry about potential breaches. 

She stressed that in the context of mandatory breach reporting, while the OAIC has been helping businesses comply with the NDB scheme the OAIC will start to take a more enforcement approach against businesses in the future, especially against these that fail to take further steps to protect personal data.