In this issue

Introduction

• Introduction
• AGM
• Melbourne Members Event
• ACSA Thought Leadership Series Webinar
• Regulatory update – CPS230
• Global Insight – Quantum Computing
• In Focus– Jen Saunders
  

Introduction

Welcome to the October Industry Wrap. It was a busy month with members coming together in Melbourne for our Annual General Meeting and our members event. The ACSA Thought Leadership Series continued with Proxymity on Corporate Governance.

This month’s Industry Wrap covers plenty including:

• ACSA Annual General Meeting
• ACSA Melbourne Members Event
• ACSA Thought Leadership Series
• Regulatory submission – CPS230
• Global Insight – Quantum Computing
• In Focus with Jen Saunders

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ACSA Annual General Meeting

ACSA Melbourne Members Event

It was great to get members together in Melbourne to hear an update on the industry from Kaizen Recruitment and from some of the industry’s future leaders. We also recognised Nicole Carnovale formally for her industry award for 2021 and networked with colleagues again, after such protracted period between events.

A big thank you to David Knights and the team at NAB for welcoming ACSA into their new client space for the update and networking. It was great to see so many from the industry there to catch up with friend and colleagues.

Nupur Gill and Jack Brown from Kaizen Recruitment shared 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.

Our future leaders panel, Aanaaksha Bose (JP Morgan), Jake Lawson (Northern Trust), Manika Chopra (NAB) and Maggie Chang (Citi) shared their thoughts on what attracts them to the industry and their perspective on career opportunity. Thank you to Nicole Carnovale from Northern Trust for hosting the panel.

We also look forward to our 2023 members events.

ACSA Thought Leadership Series webinar

ACSA’s Thought Leadership Series continued in October with Proxymity discussing Corporate Governance - driving industry efficiencies.

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.

If you missed the webinar, you can watch the recording here.

This month 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 Developing New Operating Models– Cloud and Full Outsourcing

Join us for this Webinar on November 24 with local and global leaders from Tata Consulting Services (TCS), a global leader in IT services, consulting & business solutions with a large network of innovation & delivery centres.


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).

ACSA, with support from Ashurst, have provided a submission to APRA on the collective views of members on the issues raised by the CPS 230 consultation and the proposed impacts for the Australian custodial and investment administration sector. While members of ACSA are not opposed to the introduction of CPS 230, many ACSA members request further clarification from APRA in relation to the intent and implementation of the prudential standard.

The ACSA submission to APRA can be found here.

Global Perspective – Quantum Computing – DTCC’s White Paper to the Industry

Financial institutions are safekeepers of investments, public assets, superannuation, and retirement accounts. They ensure that trades and asset transfers occur with complete, uncompromisable integrity. Those responsibilities call for maintaining the security and privacy of personal information, accounts, holdings, and financial transactions.

Over the past 25 years, financial institutions have used encryption to maintain the security and privacy of computer-based information. Conventional encryption uses mathematical techniques to encode digital data and requires keys to revert that data to human-readable information. Most of today’s encryption methods use algorithms that might break only after thousands of years of nonstop processing by the world’s largest conventional computers.

Now experts realise that quantum-based computers will have the power to break those codes in seconds. Some estimate that the majority of data protected with conventional encryption techniques could be vulnerable within the next decade.

You can find more from DTCC on the impacts of quantum computing on safekeeping here.

In Focus – Jen Saunders

Jen is a Senior Vice President, APAC Head of Client Service and Client Program Office for State Street. In this role, Jennifer is responsible for delivering service excellence across the APAC Client base.

Jen joined State Street in 2003 through the Deutsche Bank acquisition and has over 25 years’ experience in financial services. She has held a number of senior roles in EMEA and APAC across Client Operations, Client Service, Operating Model Transformation and Strategic Relationship Management.

Jen is a Director on the State Street Australia Limited Board.

Rapid fire five
Coffee or Tea? Coffee
Pop or Rock? Pop
Cocktail or Wine? Wine
Summer or Winter? Definitely Summer
Cheese or Chocolate? Love them both!!

Can you briefly describe your role and responsibilities at State Street?
In my current role, I’m responsible for the overall service we provide to our clients across Asia Pacific. In addition, I also oversee the onboarding of our new business and am part of the Asia Pacific leadership team ensuring we execute on our regional strategy.

What is the most satisfying part of your role at State Street?
Hearing great feedback from our clients. This all stems from the fantastic work our team of talented people do every day to delight our clients. I enjoy nurturing that talent and creating career growth opportunities.

How do you motivate yourself and your team?
You’ve got to be passionate about what you do as you spend most of your life at work. I motivate myself and my team by constantly looking at how can we do things differently - and always learning new things along with way. Work can be stressful at times but it’s so important to celebrate the wins and have fun along the way!

What are some of the exciting places your career has taken you?
I’ve been very fortunate to travel to many countries throughout my career including my relocation from Scotland to Australia. I love it here in Australia, but I also love visiting Japan and Singapore.

What advice would you give your 21-year-old self?
To take risks and embrace each opportunity. Life’s too short!

What’s excites you about the future of our Industry? (Include role of ACSA)
I’m excited about digital assets and how it will shape our industry in the future. Being part of ACSA creates a great opportunity to have a collective voice and advocate for best practice across our local Custody and Investment Administration industry. It also creates a great opportunity to network with your peers and stay informed of market changes.