Executive Accountability and NEW Data-set submission from your data-warehouse to APRA

Our team of professionals have been monitoring the impact of the new accounting standard, Australian Accounting Standards Board 17 (AASB 17) Insurance Contracts and in particular how insurers will need to report to APRA. The implementation of AASB 17 has, and will continue to, lead to significant change for the industry. A number of other changes affecting the Insurance industry have also been recently announced by APRA including Financial Accountability Regime (FAR) tying individual accountable persons to specific actions by your entity.

On the 27th of September 2022, APRA finalised changes to the capital and reporting frameworks for insurance in response to the introduction of the new accounting standard (AASB 17). The changes aim to minimise any regulatory burden caused by a misalignment between APRA’s frameworks and AASB 17, while ensuring sound prudential outcomes. APRA expects insurers to be well progressed in their readiness for the implementation of AASB 17, including identifying and managing the risks associated with the transition process. Other changes affecting Prudential Reports, and governance and control obligations will also be discussed.

In this webinar, we will review the changes and how will they affect you.

Who should attend?

Attend if you:

• Hold accountability over data disclosure to APRA (or intend to under FAR)
• Prepare or support the preparation of regulatory data-set and static-form disclosures (including submissions and dealing with APRA)
• Provide data preparation services or administer data submissions on behalf of your clients (Internal data or IT teams who prepare and consolidate complex sets of data)
• Are charged with the budgeting for process design and regulatory change programs (Executives or other managers of teams associated with this process)

Webinar Agenda

In this session we will cover:

• Summary of the regulatory environment
• How the IFRS17 changes are set to impact APRA reporting capital
• Other Regulatory and governance changes impacting source data, data compilation and submission details
• APRA Connect (what industry has learned so far)
• Observations of Timeline of actions and where organisations should be positioned at this point