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Mutuals Newsletter: July 2019

Mutuals Newsletter: July 2019

Following the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, enhancing risk management and protecting members’ interests are becoming increasingly important to the Mutual Sector.

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Brendan Twining

National Sector Leader, Mutual Banks

KPMG Australia

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In this edition, we will focus on the following topics:

Third Party Risk Management

With 72 percent of Australian CEOs considering increasing the use of the third-party partnerships for their organisation to achieve greater agility (according to KPMG's Global CEO Outlook Survey 2018) – what will this mean to the risk management in your organisation?

Draft Prudential Standard APS 220 Credit Risk Management

The presence of a well-functioning credit risk management system is considered fundamental to the safety and soundness of an ADI. The current APS 220 Credit Quality was last substantially updated in 2006. Since then, due to a number of factors discussed in this article, the standard has been renamed to Credit Risk Management to reflect its broader coverage and APRA intends to implement the proposed reforms to APS 220 from 1 July 2020.

Australian Mutuals – Key developments and updates

© 2020 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Liability limited by a scheme approved under Professional Standards Legislation.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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