In this issue

Introduction

• Melbourne Members Event
• ACSA Thought Leadership Series Webinar
• Regulatory update – CPS230
• Industry Survey – Grey Costs of trade
• In Focus– Matthew Chuck

Introduction

Welcome to the September Industry Wrap. We look forward to connecting and networking in Melbourne in October for our Annual General Meeting and member event. The ACSA Thought Leadership Series also continues with a focus on driving industry efficiencies in corporate governance.

This month’s Industry Wrap covers plenty including:

• ACSA Melbourne Members Event
• ACSA Thought Leadership Series
• Regulatory update – CPS230
• Industry Survey – Grey Costs of trade
• In Focus with Matthew Chuck

Click the logos below to follow us on LinkedIn or sign up to the ASCA Website.

ACSA Melbourne Members Event

Following the success of the Sydney members event in August, the ACSA Executive Board is excited that members are getting together again in Melbourne on October 20 for our second members’ event for 2022.

The Melbourne members event, which is being hosted by NAB, will be an opportunity for us to update you on what has been happening at ACSA, hear from a guest speaker and some of ACSA’s Next Generation of Leaders and for our final 2021 ACSA Award winner to be presented. 

We are delighted to have Nupur Gill and Jack Brown from Kaizen Recruitment joining us to share insights and work trends in financial services, including return to work expectations and how you build skills in a changing work environment to progress your career.

Hopefully you can join us in Melbourne and to register attendance, please click here.

Look forward to seeing you in Melbourne in October for what we expect will be another great event

ACSA Thought Leadership Series webinar

Continuing ACSA’s focus on bringing relevant and interesting topics and speakers to our members, the next webinar in the ACSA Thought Leadership Series will be on Corporate Governance - driving industry efficiencies.

Join us for this Webinar on October 18 with the global leadership team from Proxymity, a leading digital investor communications platform, to discuss global themes and trends in corporate governance and how markets are driving increased efficiency.

Proxymity connect issuers, intermediaries, and investors in real time via their unique digital pathway, providing transparency, efficiency, and accuracy throughout the ecosystem and are well placed to lead the discussion on how efficiency is created in corporate governance outcomes.

Sign up to the Webinar here.

Regulatory Update – APRA CPS230 Operational Risk Management Standard

Operational risk has been a frontpage issue in the superannuation, insurance and banking industries over recent years, as regulated entities have faced the COVID-19 pandemic, cyber and technology risk, geopolitical turbulence, volatile markets, and high-profile compliance failures. It is therefore no surprise to see APRA honing its focus on operational resilience with the release of a new draft prudential standard, CPS 230 (Operational Risk Management).

CPS 230 is proposed to apply to all APRA-regulated entities in the banking, insurance, and superannuation industries from 1 January 2024. If introduced in its current form, it will consolidate significant new operational risk requirements in relation as well as updated requirements in relation to service provider risk management and business continuity planning into a single prudential standard. As a result, CPS 230 would require significant changes to governance, compliance, contractual and incident response arrangements for all APRA-regulated entities.

ACSA has formed a sub working group to respond to APRA on its discussion paper. You can find out more about CPS230 here.

Industry Survey – Grey Costs of trade

What is driving up our corporate action costs today? The hidden cost of people.

We all know that asset servicing is still a people business – recent research on the Grey Costs per Trade by the Value Exchange highlighted the fact that people costs are more than double what we think they are.

Following the industry-wide research by the Value Exchange with Australian Custodial Services Association (ACSA), AFME (Association for Financial Markets in Europe), ASIFMA, The Depository Trust & Clearing Corporation (DTCC), SmartStream Technologies and TMX Group, you can now benchmark your own settlement and corporate action costs against the market.

Click here to complete the survey and receive your own benchmarking scorecard,

...and click here to view the summary of the global research.

In Focus – Matthew Chuck

Matthew leads the JP Morgan Securities Services Compliance Team for Australia and New Zealand.

In his role, Matthew oversees the coverage of compliance risks, through the execution of the global compliance program. Prior to leading the compliance function, Matthew worked within Internal Audit, covering the Securities Services business in Asia Pacific and EMEA.

Originally from Bournemouth, UK, Matthew has worked for J.P. Morgan since 2013, holds a BA Hons degree in business, is a Chartered Internal Auditor and Certified Fiduciary and Investment Risk Specialist. Prior to J.P. Morgan, Matthew held roles within professional service firms Deloitte and URS.

How long have you been involved with ACSA and can you tell us about the work you currently do as a board member of the organisation?

I joined the ACSA Board in June 2022 as J.P. Morgan’s representative and was subsequently appointed Executive Sponsor of the Regulatory Working Group. The Regulatory Woking Group is comprised of member organisation representatives who monitor, discuss, and play an important part in shaping regulatory matters on behalf of the custodial services industry.

Tell us about your career in asset servicing / financial services?

I started my career working for professional service firms, performing Audit work globally across various industries. In 2013, I joined J.P. Morgan in Internal Audit, covering Securities Services across Europe and Asia Pacific, and later moved to my current role, leading the Compliance coverage for Securities Services in Australia and New Zealand. 

Why should people get involved in ACSA ? what value does the organisation bring to the industry ?

Being part of ACSA provides opportunities to hear from Industry leads on emerging topics such as digital assets and upcoming regulations and consultations. ACSA also provides great opportunities for networking with professionals in the custodial services industry.