Australian Mutuals are facing both challenges and opportunities in the current economic climate. Whilst increasing levels of regulatory scrutiny demand timely responses, this is also a great time for the Mutuals to establish their innovation programs to capitalise on future possibilities.
In this newsletter edition, we focus on the following topics:
APRA has released its draft prudential standard CPS 511 on Remuneration for consultation. It is important for mutual banks to consider the proposals of the Draft Prudential Standard against CPS 510 and the BEAR and their impact. Written submissions on these proposals must be submitted by 23 October 2019. This will be the only opportunity to make a submission, with the final standard to be released in late 2019 or early 2020. It is therefore imperative to begin discussions on any considerations/objections to the CPS 511, so that they can be raised in a submission before this date.
In February 2020, KPMG will be assisting Australian Mutuals to develop their innovation capability and capitalise on the current commercial context by running the next instalment of our corporate innovation accelerator – mLabs 2020. Learn more about the labs and their expected outcomes.