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The environment within which the Superannuation and Asset Management sector operates continues to be subject to significant regulatory evolution, with significant changes having occurred and more on the horizon. The key areas considered in the 2023 PwC Superannuation and Asset Management Risk and Compliance Benchmarking Survey are:
Continued Regulatory Change
Our 2022 publication focussed on the introduction of new regulatory requirements, whilst this year's survey is focused on continuing to embed the regulatory change into business as usual operating models. Key considerations include responding to increased communications, guidance and regulator enforcement, as well as identifying areas for continuous improvement in processes, systems and controls.
Investment Governance
During the year Australian Prudential Regulation Authority (APRA) revised Prudential Standard SPS 530 Investment Governance, which became effective from 1 January 2023. In addition, Prudential Guidelines (SPG 530) was released recently in July 2023. This has seen significant uplift in Registrable Superannuation Entity's (RSE) requirements to update Investment Governance Frameworks with respect to investment valuation governance, stress testing, liquidity and cash flow management, as well as greater fund manager monitoring.
Accountability
The Financial Accountability Regime (FAR) has now been passed by the Federal Parliament and will apply to all APRA regulated entities, including RSEs. FAR, if implemented well, can act as the catalyst to bring together all recent regulatory change programs by supporting Accountable Persons in meeting their obligations. Implementation of FAR is not about designing new processes and controls but tailoring existing frameworks and controls to include an accountability lens. It's purpose is to connect governance, culture and accountability across the organisation.
For more information and calls to actions in response to the challenges and opportunities identified please download your copy below or to have a more in-depth discussion, please contact one of our experts.
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Contact us
Deanna Chesler
Partner, Governance, Risk and Compliance, PwC Australia
Tel: +61 414 914 834
Nicole Oborne
Partner, Superannuation & Asset Management Assurance Leader, PwC Australia
Tel: +61 (3) 8603 2914