Australia

Financial services regulation 

Australia’s banking and financial sectors have experienced several years of fundamental regulatory reform. And there’s more to come – locally and globally.
Financial services regulatory change

Andrew Dickinson

Andrew Dickinson

ASPAC Banking Sector Leader

+61 2 9335 8952

 

Financial Services

Our Financial Services practice can help financial institutions make better decisions about performance, growth, governance and prudential matters.

Banks in particular will be affected by emerging regulatory requirements, including structural reform, the potential emergence of Basel 4, and higher expectations for corporate governance will also be felt. This is already changing bank’s business models.

 

However, by effectively responding to these initiatives banks can mitigate their risks, reduce costs, deliver competitive advantage and drive beneficial change. This will require an organisation-wide view of the regulatory impact. In Australia, recent regulatory developments have included:

 

  • the Global Account Tax Compliance Act (GATCA)
  • Prudential Standards for example CPS 220 Risk Management
  • Over The Counter (OTC) derivative reforms
  • data management and reporting requirements
  • increased emphasis on risk culture and risk governance
  • stronger privacy protections
  • stronger superannuation requirements.


All of these moving parts, (together with those already in place), must be considered holistically to see how collectively they relate to your entire operation and how to best adapt in a sustainable way.

 

Additionally, by taking an organisation-wide, integrated approach to regulatory changes, broader business transformation can occur. Positive outcomes can include enhancing operational efficiency and effectiveness, reducing costs and eliminating marginal activities, to improving your customer value propositions.

 

How we can help

By bringing together our local and global expertise – including insights from our KPMG Regulatory Centre of Excellence – we provide deep insight and actionable regulatory and compliance advice that you need to understand not just how each regulation affects your business and how to address it, but how, by taking an holistic view, you can drive commercial advantage.

 

Our aim is to ensure you can get on with your day-to-day business and enable you to use regulatory change to leverage business innovation, reduce business and operational impact, and drive greater efficiencies.

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