GRC Solutions’ March Compliance Forums a success

Every six months GRC Solutions hosts Compliance Forums in Brisbane, Sydney, Adelaide and Melbourne. The forums attract participants from around Australia, including many regional attendees. The first half of 2019’s forums concluded last Friday 22 March in Melbourne, with key compliance and risk employees from many ADIs leaving with to-do lists and regulatory changes to be addressed in the coming year.

The forums are a valuable event in the life of compliance and risk individuals because not only do they get to hear about regulatory updates but also, more importantly, they are given an opportunity to speak to one another and understand what other organisations are doing regarding certain regulatory challenges.

Steven Kearney, Compliance Manager from BankVic, said, ‘GRC Solutions’ Compliance Forums provide a good opportunity for networking amongst our peers and other mutual ADIs. (There is) always great content about the ever-changing regulatory landscape.’

Some of the key issues discussed were:

  • Responsible lending
  • ASIC review of IDR and new reporting requirements
  • Open banking developments
  • Practical governance, risk and regulation insights from the FS Royal Commission
  • Regulation change overview with key areas to consider when planning the year ahead
  • AUSTRAC advanced findings from the mutual banking sector risk assessment

Speakers included Michael Funston (Senior Lawyer and Manager, GRC Solutions), Sam Carroll (Director, Governance, Compliance and Regulation, Ash St.) and the team from AUSTRAC, Sarah Webster (A/g Manager, Risk Assessments) and Cameron Just (Senior Analyst).

The recent Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry highlighted the growing importance of risk and compliance roles in the financial services industry. GRC Solutions will continue to provide a platform for risk and compliance employees to engage in and drive good governance by ensuring appropriate risk and compliance for the sector. The next series of compliance forums are planned for October 2019.

Simo BuzaninKey Account Manager for the Financial Services Sector at GRC Solutions, said, ‘Everyone I speak to loves attending these forums. Attendance increased by 30% from last year which is a credit to Michael Funston, the top notch speakers he assembles and the great atmosphere in general’.

As the banking sector comes to terms with the 76 recommendations issued by Commissioner Kenneth Hayne, it’s likely we will see increased powers for regulators, with more significant consequences for financial services organisations that are found to possess poor compliance standards. This brave new regulatory landscape presents unique challenges to the sector but also provides exciting opportunities for individuals working in risk and compliance.

The next round of GRC Compliance Forums will be held in October 2019. Please email simo.buzanin@grcsolutions.com.au to be personally notified of future events.