Highlights from the Financial Services Assurance Forum 2024

IIA - Australia CEO, Trish Hyde, Chats with Jane Eccleston, A/Executive Director, Regulation & Supervision, ASIC about ASIC’s strategic priorities.

Yesterday, industry leaders, auditors, and risk professionals concluded the 15th Annual Financial Services Assurance Forum in Sydney, hosted by the Institute of Internal Auditors-Australia.

Overview and Purpose

The event served as a platform to exchange insights and strategies, offering attendees a combination of technical expertise and practical guidance. The focus was on equipping assurance functions to deliver greater organisational value amid evolving regulatory, technological, and operational landscapes.

Key Themes and Sessions

The two-day forum encompassed workshops and conference sessions on critical topics, including:

  1. Day 1: Workshop Highlights
    • Workshop 1: Assessing Operational Risk and Resilience under APRA’s CPS 230: Provided detailed insights into compliance with APRA’s updated prudential standards, focusing on operational risk management and resilience.
    • Workshop 2: Auditing Environmental, Social, and Governance (ESG): Addressed growing ESG mandates and provided frameworks for integrating sustainable practices into financial assurance.
  2. Day 2: Conference Program Highlights
    • Keynote 1: Reinventing Financial Services: Explored technological innovations and evolving customer needs with insights from Judo Bank’s co-founder, David Hornery.
    • Keynote 2: ASIC Update: Covered ASIC’s strategic priorities, including consumer outcomes, dispute resolution, and regulatory compliance, presented by Jane Eccleston.
    • Keynote 3: Audit Committee Perspectives: A panel of experts discussed the expectations and evolving roles of audit committees in ensuring governance and oversight.
Keynote 1: Reinventing Financial Services: Explored technological innovations and evolving customer needs with insights from Judo Bank’s co-founder, David Hornery.

Concurrent Session Topics

Participants delved into specialised themes such as:

  • Auditing AI and managing ethical and operational risks.
  • Cyber resilience and compliance with CPS 234.
  • Risk culture assessment and its implications for governance.
  • Third-party and customer risk auditing frameworks.

Notable Takeaways

  • Strategic Adaptation: Emphasis on balancing innovation, compliance, and risk to thrive in dynamic markets.
  • Regulatory Readiness: Practical guidance on new mandates like the Financial Accountability Regime (FAR) and APRA’s CPS standards.
  • Technological Integration: Leveraging data analytics and AI to improve audit outcomes.
  • ESG Assurance: Positioning internal audit as a driver of sustainable value creation.
Anne Templeman-Jones, Non-Executive Director and Chair of the Audit Committee, Member of the Risk Committee, Commonwealth Bank; Non-Executive Director, NSW Treasury Corporation, Robin Low, Non-Executive Director, Articore Group, Appen, Guide Dogs NSW/ACT; Business Advisory Council Member, AnaCacia Capital and Facilitator Jeremy Elman AMIIA, Partner, Risk Advisory, RSM discussed the expectations and evolving roles of audit committees in ensuring governance and oversight.

Attendance and Engagement

The forum attracted a diverse group of industry leaders, regulators, and professionals, facilitating robust discussions and networking. Attendees accrued Continuing Professional Education (CPE) hours, enhancing their credentials while addressing real-world assurance challenges.

Conclusion

The Financial Services Assurance Forum 2024 reinforced its reputation as a premier event for advancing financial services assurance. By fostering collaboration and disseminating actionable insights, it continues to empower professionals in navigating complexity and driving excellence.

Liam Buckley PMIIA, CAE, Bank of Queensland, Rakitha Wickramaratne AMIIA, Head of Audit – Group Technology and Data Risk & Analytics, Group Audit, Westpac, Andrew McKay AMIIA, Head of Internal Audit, Hollard Insurance Facilitator: Rich Turley AMIIA, Managing Director, Protiviti discuss Auditing AI use in the organisation.
Phil Leifermann PMIIA CIA CCSA CFSA CGAP CRMA, Sales Director, ANZ and Pacific, Wolters Kluwer TeamMate and Sio Naidoo PMIIA CIA, Head of Pre-Sales, APAC, Wolters Kluwer TeamMate discussed Leveraging technology for more effective and efficient internal audit management in the financial services sector.
Tim McDonough, Director Country – Head of Internal Audit Australia & New Zealand, Citi and Josephine Majewski, Chief Operating Officer - Australia and New Zealand, Citi discuss Getting FAR ready – A Global perspective.
Hilary Randall, Manager, Industry Education and Outreach, AUSTRAC and Leeann King, Director, Industry Education and Outreach, AUSTRAC provided an update from AUSTRAC.
Eimear Fanning PMIIA, General Manager Assurance, HBF Health discussed Auditing third-party risk through the lens of CPS 230.
Jan Manigque AMIIA, Head of Internal Audit, People First Bank discusses Customer risk – Why it is a critical risk and success factor for organisations.
Iain Muir, Senior Manager, RSM discusses Building cyber resilience - Auditing CPS 234 compliance.
Ross Tilly PFIIA CIA, Head of Audit, Reserve Bank of Australia discusses Auditing risk culture.
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