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Capacity
Building for Sound Financial Regulation in the Asia Pacific Through
Training |
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MRC
E Newsletter - Edition 1 - March 2004 |
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New
Program Builds Capacity in Financial Services throughout the Asia
Pacific |
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By
Alan Oxley, Chair, Australian APEC Study Centre, Monash University |
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Australian APEC Study Centre has taken the initiative to establish
a new program to enhance the regulatory supervisory capacities of
countries in the Asian Pacific region in implementing new international
standards and governance practices, in banking, insurance, pensions
and securities. The program will also be available to support training
of staff in private firms in these sectors in the region. Strengthened
financial systems are a key contribution to development in APEC
economies. This program is an expansion of the highly successful
Managing Regulatory Change in Life Insurance and Pensions Training
Program organised by the Centre over the last four years. That program
was supported by the Commonwealth Bank of Australia, the Asian Development
Bank, AXA Asia Pacific Holdings, the Australian APEC Study Centre
and the Australian Government’s aid agency, AusAID, with the
support of the Australian Treasury. The program drew on the expertise
of Australian public regulatory agencies and private firms, academics
and members of professional bodies in Australia. It was also supported
by regulators from Hong Kong and Singapore. The program was endorsed
as a major capacity building initiative by APEC Leaders and Finance
Ministers. (Details of this program are available on our website,
details of which are shown below). |
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Keva
Robarobalevu, Afiza Abdullah, Katherine Sherry (APEC Study Centre),
Asep Suwondo, Arieta Vakasoqo, Namtip Synsukpermpoon, Shizal Fisham
Ramli, Irfan Sansul, Napaporn Dadphu and Aman Chandra at the Graduation
Ceremony. |
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Afiza
Abdullah receiving her certificate from Francois deMeneval (right),
General Manager, Strategy, AXA Asia Pacific Holdings, and Ken
Waller (background), Chair of the Australian APEC Study Centre's
Financial Advisory Board. |
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| The
new program broadens the base of Australian private sector participants
- and extends the training to wider financial coverage to reflect
growing demands on the region's financial regulators to implement
new financial standards and practices. |
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| New
Adivsory Board |
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| By Alan Oxley, Chair,
Australian APEC Study Centre, Monash University |
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| An new Advisory
Board had been established to oversight the program. It brings together
a large group of representatives from key institutions in the Australian
private and public sectors, from regional regulatory agencies and
from multilateral bodies. The Chair is Ken Waller, group economic
advisor to the Commonwealth Bank of Australia and a former Australian
Executive Director to the Asian Development Bank. Other members
include:
- Mark Blair, Australian Stock Exchange
(ASX);
- Tim Coyne, Ernst and Young;
- Elinor Crossing, National Australia Bank (NAB);
- Professor Kevin Davis, University of Melbourne;
- Chris Gaskell, Australian Prudential Regulatory Authority (APRA);
- Robert Glading, Private Consultant;
- Jules Gribble, AskIT! Consulting;
- Kim Holmes, Australian Securities and Investments Commission
(ASIC);
- Milena Penca, AXA Asia Pacific Holdings;
- Veronique Ingram, the Commonwealth Treasury;
- Steven Meredith, National Australia Bank;
- David Knox, PriceWaterhouseCoopers Actuarial;
- Mark Lawrence, Australia and New Zealand Banking Group (ANZ);
- Nick Minogue, Macquarie Bank;
- Alan Oxley, Australian APEC Study Centre, Monash University;
- Shayne Walsh, Australian APEC Study Centre, Monash University,
and;
- Natalie Wells, Standard and Poor’s.
The Board will advise on the scope,
focus and direction of the program. Corporate members have also
generously committed to provide in kind support to the training
program.
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The
New Training Program - Managing Regulatory Change in Financial
Services
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By
Tim Wilson, Project Officer, Australian APEC Study Centre, Monash
University |
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A new training
program has been developed to respond to the the challenges
faced in implementing new regulatory regimes following the Asia
currency crisis. The new program will cover banking, insurance
(life and general), pensions and securities. A key aspect of
the program in the banking sector arises from developments in
new banking supervisory arrangements under the Basel 2 capital
accord. These standards have been evolving in response to changing
global financial circumstances and some perceived weaknesses
in the initial Basel 1 capital standards. Although those standards
were initially developed for the supervision of banking in some
developed economies they became widely adopted. The new Basel
2 standards will be relevant to banking systems globally, and
when implemented the three pillars of Basel 2 will involve wide
ranging changes to the way in which banks manage risk and price
capital, their relationships with supervisory authorities and
the way in which banks disclose information to markets. In short,
the standards will impose major new challenges on both bank
regulators and banks.
In response, specific
programs to provide that training have been developed by the
expanded Financial Sector Program of Monash University’s
Australian APEC Study Centre.
The first program
relating to the implementation of Basel 2 was conducted in Melbourne
recently for 19 executives from banks who are members of the
Asian Banker’s Association. The course focussed on the
key ingredients of the Basel 2 Accord. Fundamental components
of the course - include the development and application of best
practice techniques for risk management, pricing, capital management,
and governance in banks and in regulatory agencies.
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Representative
of the Asia Development Bank, Dr Heh-Song Wang, Deputy Vice
Chancellor of Monash University, Stephen Parker, Victorian Government
Minister for Financial Services, Exports and Manufacturing,
Tim Holding and Chair of the Australian APEC Study Centre, Alan
Oxley, at the Formal Dinner.
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Representative
from Ernst and Young, Tim Coyne, Chair of Finance at the University
of Melbourne, Professor Kevin Davis and Head of Department of
Accounting and Finance at Monash University, Professor Jayne Godfrey |
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| The
program involved presentations from Australian bankers, consultants,
Australian regulatory agencies - APRA, as well as the Commonwealth
Treasury - academics and by an official from the Bank of International
Settlement. Participants rated the course highly. Chair of the
Australian APEC Study Centre’s Financial Advisory Group,
Ken Waller, said “that this contribution by Australian public
and private sector groups is extremely important in helping strengthen
financial systems, contributing to stability and economic growth
in a region of major importance to our own future”.
The program dinner
was addressed by the Hon Tim Holding, Minister for Financial Services,
Exports and Manufacturing in the Victorian Government. He stressed
the importance of Victoria as a major financial services centre
in the Asia Pacific and congratulated Monash University and the
Australian APEC Study Centre, with the collaboration of the University
of Melbourne, on their initiative to provide these training programs
to help build capacity in financial services in the Asia Pacific.
Professor Richard Parker, Deputy Vice Chancellor represented the
University. Professor Kevin Davis, Chair of the Department of
Finance at the University of Melbourne, was the technical coordinator
for the program.
Further training
programs, funded by the ASEAN Secretariat, are to be held in March
and April for bank regulators from the ASEAN region. Subsequent
programs for bank (and other financial services) regulators from
the APEC region will be held later in the year. |
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Managing
Regulatory Change in Financial Services - Website Now Available |
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By
Tim Wilson, Project Officer, Australian APEC Study Centre, Monash
University |
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The Australian APEC Study Centre recently
launched the new Managing Regulatory Change (MRC) website to
compliment its financial services training programs. The new
website, http://www.apec-finsecreg.org, is designed to:
1. Help financial services organisations
in the Asia Pacific with information on training programs available
to build their capacity to deal with new challenges;
2. Assist registered applicants
for training programs to access predeparture information including
reading lists and other academic materials;
3. Help build ongoing relationships
with training program alumni in keeping in contact with other
participants in these important training programs;
4. Build relationships with financial
institutions and regulators in the Asia Pacific, and;
5. Continue to deliver on the agenda
of APEC Leaders to build the capacity in the Asia Pacific in
the financial services industry.
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Building
Networks Across the Asia Pacific - Keep us Informed |
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By Katherine Sherry,
Project Officer, Australian APEC Study Centre, Monash University |
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One
of the key aims of the Managing Regulatory Change Electronic Newsletter
is to help facilitate networking and understanding between the different
stakeholders in financial services throughout the Asia Pacific.
This newsletter is your newsletter and we would welcome past participants
of MRC Training Programs keeping us up to date on their current
location, if they have recently been promoted in their field, or
details of any relevant upcoming events. Additionally, for the next
edition of the MRC E Newsletter we would welcome any past MRC Training
Program participant who would be prepared to be interviewed for
an article. If you are prepared to be interviewed, or you have any
other information or news for the next edition of this newsletter,
please email Katherine Sherry at Katherine@apec.org.au. |
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The
Managing Regulatory Change in Financial Services Electornic
Newsletter is produced and distributed by
Monash University's Australian Asia Pacific Economic
Cooperation (APEC) Study Centre
Monash University Building,
Level 12, 30 Collins Street, Melbourne, VIC. 3000 AUSTRALIA,
Phone: +613 9903 8757, Fax: +613 9903 8813, Email: apec@apec.org.au
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