On CPS230 APRA Chair John Lonsdale said, “We expect regulated entities to be proactive in preparing for implementation, rather than waiting until the last minute to get ready to meet the new requirements." https://lnkd.in/gQhSjv2m What are the first steps to take NOW to prepare for these deadlines? 1. Operational Risk Management ⚙ Plan a roadmap to CPS230 compliance by conducting gap-analysis between existing practices and updated requirements. 2. Outsourcing & Third-Party Management 🤝 Identify all material service providers as per CPS 230's broader criteria. Review and update outsourcing policies and contracts to ensure compliance with the new standards. 3. Business Continuity Planning 🛡 Review current Business Continuity Plan and uplift framework to approach critical operations and operate within maximum tolerance levels. The time is now for CPS230. OCG are here to assist firms every step of the way. Read more here: https://lnkd.in/gM_58SBZ #operationalriskmanagement #cps230 #advisory
OCG
Business Consulting and Services
Sydney, New South Wales 1,149 followers
Oceanic Consulting Group: Deep subject matter expertise and decades of industry experience.
About us
OCG are a leading strategy firm in Oceania, as trusted partners of the financial services industry, supporting growth and ensuring efficiency in our learned approach to complex problems. Our advisory services include risk management, review & remediation, compliance & regulatory services, capital markets advisory and specialist recruitment. OCG also have a number of Channel Partnerships that aim to meet technical and technological requirements of markets facing businesses and connect innovation with industry. OCG delivers value to our clients through deep subject matter expertise and decades of industry experience in leadership. We can support you to build a better business. Contact us to see how we can help.
- Website
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http://www.OceanicConsultingGroup.com
External link for OCG
- Industry
- Business Consulting and Services
- Company size
- 51-200 employees
- Headquarters
- Sydney, New South Wales
- Type
- Privately Held
- Founded
- 2018
- Specialties
- Remediation, Management Consulting, Risk Management, Recruitment, Compliance, Regulatory Advisory, Capital Markets, Business Continuity, Business Transformation, File Review as a Service, Property Strategy, Technology partnerships, and Operating Model
Locations
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Primary
309 George St
Sydney, New South Wales 2000, AU
Employees at OCG
Updates
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OCG reposted this
At Tecassa we have been so pleased with our progress since partnering with OCG to assist in distributing our Sentry platform. Sentry is a powerful monitoring and verification system that manages company records, specifically recognising when there is a discrepancy in the data. See more on our website here: https://lnkd.in/dep5TRTz Tecassa recognises that maintaining company records in financial markets is essential to a broker’s regulatory compliance and reputation. Alongside OCG we are providing the leading technical solution to mitigate this challenge. The OCG site includes Tecassa as a Channel Partner, see a Sentry overview here: https://lnkd.in/gehUGt7N
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OCG reposted this
As CPS230 nears, experts from OCG share several key considerations when implementing improvements to risk management » https://lnkd.in/ejDUGtde
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OCG's Operational Advisory is well positioned to support APRA regulated entities in their Operational Risk Management CPS230 transformation. Read our practical "First Steps" for CPS230 uplift here: https://lnkd.in/gM_58SBZ "The clock is well and truly ticking for complete implementation and navigating these new standards poses a necessary, but understandably daunting, task." OCG are here to help, each and every step of the way. #riskmanagement #advisory #regulation
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There's still time to register! This Wednesday James Dickson will share actionable insights for practitioners around Wholesale Clients, hosted by the Stockbrokers and Investment Advisers Association. 💡 What are basic requirements firms should be complying with? 💡 What are key day-to-day considerations for advisors? 💡 What steps can industry participants make, to prepare for potential regulatory change? Sign up now: https://lnkd.in/gay_wtMw #stockbroking #financialservices #webinar
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According to the current Individual Wealth Test (Corporations Act 2001) an estimated 43% of Australians could be eligible as 'Wholesale' or 'High Net Worth' clients by 2041, due to rising incomes and property values. Findings from the Review of the Regulatory Framework for Managed Investment Schemes are expected end of this year, which should hopefully shed light on potential changes to wholesale investors classification. https://lnkd.in/g-5fqxbz For AFSL providers and consumer protections, the growth in this designation has notable impacts. Read more our article in the SIAA August Monthly: https://lnkd.in/gwbyvrSK #wealthmanagement #wholesaleclients #consultancy
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OCG have shared our insights on ‘Redefining Wholesale Investors in Australia’ in the Stockbrokers and Investment Advisers Association Monthly. Under the current asset tests 43% of Australians will qualify as ‘High Net Worth Clients’ in less than two decades due to rising incomes and property values – posing significant considerations for the wealth management sector. Read more from James Dickson on potential reform that is a real possibility following the 2025 Federal Election. https://lnkd.in/gwbyvrSK #wealthmanagement #reform #financialservices
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OCG reposted this
This enforcement trend from ASIC is not just going to go away. ESG data is hard to work with, is often unexpectedly subjective and is regularly misunderstood. A lack of a strategy in this space, considering all the risks of the data you are working with, puts you at heightened risk of enforcement action. This week OCG is meeting a number of broking firms, investment managers and trustees, with Daniel Kennedy on this exact topic. Don’t ignore this issue, get onto it before you or your team make an error, drawing significant attention and fines.
In a landmark case for ASIC, the Federal Court has penalised Mercer Superannuation $11.3 million after it admitted it made misleading sustainability claims about some of its investment options. The Court found members who took up Mercer's ‘Sustainable Plus’ #superannuation investment options had investments in companies involved in carbon intensive fossil fuels, alcohol, and gambling, even though Mercer's website stated such investments were excluded. ASIC Deputy Chair Sarah Court said, 'This was ASIC’s first greenwashing case brought before the Federal Court; a landmark case both for ASIC and for the financial services industry. It demonstrates the importance of making accurate ESG claims to investors and potential investors. 'We will continue to monitor ESG-related claims that cannot be validated by evidence to ensure the market is fair and transparent.' We have two further #greenwashing cases before the Federal Court, with action against Vanguard and Active Super. Read more https://lnkd.in/gjcD-ehY #enforcement
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Last Friday 18 July, Operational Risk Management (CPS230) was abruptly brought into the limelight for businesses amidst the CrowdStrike outage. https://lnkd.in/gvkEKpv9 CPS230 outlines clear expectations for APRA members for identifying and managing critical incidents and service providers. Technology is critical in delivering services for customers and fundamental in operating risk models. Core changes to prepare for in CPS230: ✔ Identifying critical operations and building operational risk profile ✔ Defining, testing and review of risk tolerance levels ✔ Management of Material Service Providers ✔ Senior Management Accountability Planning is crucial now for effective implementation by 2025. In cases such as the CrowdStrike outage, CPS230 aspires to enhance an organisation’s ability to withstand, adapt to, and recover from an operational-risk related event. OCG offers operational advisory to assist financial services partners to respond to these new regulatory standards outlined in APRA's Prudential Practice Guide CPG 230. Speak with us today. https://lnkd.in/gPiXYXA5
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The Muntok Peace Museum opened in 2015 and OCG are delighted to support the maintenance of this important landmark in Indonesia, preserving the history of the war years in Muntok, Palembang and Belalau camps. The Museum was established in memory of the lives lost in WWII sea battles across the South China Sea and the Bangka Strait off Bangka Island and those who died in prisoner camps in Muntok. Read more here: https://lnkd.in/gNFAwQHB OCG were happy to contribute to the replacement of the Museum's roof and indoor and outdoor repainting. #donation #positivecontribution #socialengagement
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