Australian Capability Statement

Australian Capability Statement

Governance Worx is a bespoke advisory house that specialises in defining and supporting the governance requirements of participants and new entrants to the Australian financial services sector.

Our mission is to make effective governance an integrated part of your business by helping you build governance frameworks that focus on the proactive and strategic management of your business risks.

Our consultants all have extensive experience in the management of the regulatory obligations associated with operating in Australia and have practical experience creating governance environments for national and regional financial services enterprises in asset management, superannuation, insurance and product distribution.

The Governance Worx Principal has over 30 years of hands-on experience building compliant risk-focused organisational frameworks for participants in the financial services sector in Australia. We utilise this experience and proven methodology to provide efficient and cost-sensitive solutions for our clients’ needs. We have access to an extensive network of businesses, capital providers and advisors to source solutions beyond our core governance and risk management offering.

FINANCIAL SERVICES ENTITIES – ADVISORY

  • Advice and support on the determination of the most appropriate and practical governance structures for existing and new entrants to the Australian financial services regulatory environment – which addresses governance, risk management and compliance requirements of front, middle and back offices including the selection and engagement of service providers.
  • We partner with our clients’ legal advisors to facilitate smooth completion of the legal components of the recommended governance structures.
  • Critical review of established governance structures with a focus on delivering recommendations that eliminate dysfunction and leverage better risk management practices.

RISK MANAGEMENT AND COMPLIANCE SERVICES

  • We specialise in helping you make management of risk a regular and integrated aspect of your business – this generates a strategic approach, which is better informed through greater risk awareness.
  • For APRA-regulated clients, we have a diagnostic service – Culture Risk – which identifies the level to which a ‘risk culture’ exists (a requirement of APRA Standards in the Banking, Insurance and Superannuation sectors).
  • We provide tailored compliance solutions that do more than just “tick the boxes” – we are experts in embedding compliance into operational activities and minimising staff disruption.
  • We provide tailored compliance solutions that do more than just “tick the boxes” – we are experts in embedding compliance into operational activities and minimising staff disruption.

EXTERNAL INDEPENDENT REVIEWS

A variety of financial service regulations require an external professional independent consultant to conduct a regular review addressing the level of compliance. Such independent external reviews are required for: –

  • Anti-Money Laundering & Counter Terrorism Financing legislation – the Managing Director is an AUSTRAC-accredited AML/CTF external auditor;
  • Superannuation Industry (Supervision) Act – a range of APRA Prudential Standards need an external independent review every 3 years;
  • the effectiveness of the regulatory compliance arrangements in operation for all types of Australian Financial Service Licensees (AFSLs).

Our personnel have held senior roles as Governance, Risk Management and Compliance managers in a variety of Australian wealth management enterprises. As a result, we have the capability to deliver high-value operational insights into the maturity of current regulatory compliance frameworks.

CORPORATE GOVERNANCE SUPPORT

Non-Executive Director/Independent Director

The Principal of Governance Worx is a professional non-executive director with nearly 30 years of practical experience acting as a Director and Chairman of financial services corporations. We will consider taking non-executive appointments to appropriately pre-qualified corporations.

Outsourced Risk Management

Early-stage financial service entrants require executive-level risk management support without the commitment – or costs – of appointing a full-time resource. Our Outsourced Risk Officer services are tailored to provide expert support and guidance with a lower cost overhead.

Responsible Manager for Australian Financial Services Licences (AFSL)

We can provide the Responsible Manager(s) for organisations that require: –

  • Functional support in the creation and ongoing management of their AFSL; and
  • Assistance with the development and implementation of governance and compliance frameworks.

External/Independent Compliance Committee Member for Australian Responsible Entities

Where the Board of an Australian-based retail Asset Manager does not have a majority of independent Directors, Governance Worx staff are available to act as external and independent compliance committee members.

We specialise in providing services to asset managers, superannuation trustees, investment administration platforms, advice distribution participants, private equity groups and family offices.

Contact Philip Anthon

philip@governanceworx.com.au
0429 877 470

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