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23May
May 21, 2018 - May 23, 2018 Grace Hotel Sydney, 77 York street, Sydney, NSW Australia

Best Practices to Achieve Unit Pricing Operational Process Optimistation, Improving Efficiency & Reducing Risks

KYLE RINGROSE,

Principal Athena IOC Pty Ltd

WORKSHOP LEADER:

After 50 years in Financial Services Kyle has recently retired from the role of Head of Investment  perations at QSuper. Kyle joined QSuper in 2010 to form the inaugural Investment  Operations team to support the insourcing of the investment management function. In addition to authoring QSuper’s Unit Pricing policies and implementing their unit pricing control framework he has introduced QSuper’s securities lending program and has been instrumental in the development of a number of industry leading strategies including Lifetime Accumulation, tax segregation of assets and development of fund wide post-tax performance measurement methodologies. Kyle has previously provided consulting services to a number of major industry players and continues to do so during retirement. He has authored numerous articles in  industry publications and continues to present frequently on a range of topics at conferences  both in Australia and overseas.

Don't Miss!

(Only 20 seats available)

UNIT PRICING WORKSHOP

UNIT PRICING RISK MANAGEMENT AND COMPLIANCE FRAMEWORK

This one day workshop focusses on building a risk management and compliance framework for the Unit Pricing function. The content leverages off the presenter’s extensive experience in  building unit pricing risk management frameworks within a number of Australia’s largest fund managers and superannuation funds.

Actual risk management frameworks developed by the presenter have been subject to review by independent internal and external auditors and regulators and have been consistently signed off with no findings or no material findings. This workshop will provide an opportunity for participants to gain insights that can be taken away and implemented within their own organisations. All presentation material will be available for participants.

The workshop provides real life examples of many kinds of risks including arbitrage, tax provisioning errors and other common sources of unit pricing errors. The workshop also illustrates the importance of the understanding of controls approved by the Board and implemented both by an outsourced service provider and within the asset owner’s own unit pricing team.

In addition to practical examples of developing policies, building controls including check lists,
detailed risk registers and monitoring and reporting, the workshop will provide a high level
understanding of the complexities of unit pricing that can often be lost in the detail of day to day operational processing.

Examples of high level insights include the development of the APRA ASIC Guide to Good Practice and why it may not always be in unit holders’ best interests to ensure absolute consistency with the Guide. Further insights are demonstrated into the implications of proposals to tax income on pension assets, changes to the Transition to Retirement Pension and also into the recent initiatives to provide members with a transition to pension “bonus”.

The workshop is designed to be interactive to ensure participants are constantly involved and
engaged throughout. Importantly the workshop will be beneficial not only to members of the unit pricing team but perhaps more importantly to many other parts of the organisation whose staff would benefit from a greater understanding of the complexities of what is widely considered to the biggest single source of operational risk. Other areas could include members of the risk and compliance, finance, marketing and product development teams extending to senior management and Board members.

Kyle is an excellent speaker … interactive and personable. I expected the subject matter to be dry .. however the workshop was very interesting
SME knowledge great! Practical application of the knowledge very good
Very interesting content – sound coverage of all aspects of unit pricing
Very practical and informative discussion
I will recommend it to anyone involved in unit pricing

AGENDA - 23rd May 2018 - Day 3

  • Moving from monthly to daily pricing
  • Historical risks and errors – a selection of classic examples and how to avoid repeating
  • The introduction of the Guide to Good Practice

It’s role in risk management, how good a benchmark is it, some strengths and weaknesses.

  • Summary
  • Benchmark for auditors and regulators
  • Divergence from the Guide to Good Practice

Arbitrage risks to be aware of, including real life examples.

Refreshments and Networking opportunity for participants.

Tax provisioning (arguably the biggest risk and the source of a number of high profile unit pricing errors)

  • Why it’s so difficult to provision with accuracy
  • Actions that can can be taken to mitigate the risk of inaccurate tax provisions
  • The dreaded “true up” of tax provisions and how to mitigate the risk of significant price movements
  • Equity between members
  • Consistency of policy design and implementation
  • Simplicity rather than complexity
  • Practicality of policy implementation
  • Affordability
  • Transparency of policies
  • Accountability for approving policies
  • Accountability for implementing policies

Insights into the development of the second building block for unit pricing risk governance, including –

  • Significant Cash flows
  • Backdating
  • Significant market movement
  • Performance fee accruals
  • Managing unit pricing errors

Lunch and Networking opportunity for participants.

  • Units on issue
  • Tax provisions and reconciliations
  • Arbitrage monitoring
  • Custodian versus fund controls

Refreshments and Networking opportunity for participants.

The risks and complexities facingsuperannuation funds if obliged to comply and the impact of proposals for transition to retirement pensions.

  • How they occur
  • Potential simple and complex solutions to enable implementation
  • The potential impact on unit pricing
  • Closing remarks from workshop leader

Attendee Information

 

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Upcoming Events

 
  1. Superannuation Funds Tax 2018 Forum

    May 15, 2018 @ 8:00 am - May 16, 2018 @ 5:00 pm
  2. Unit Pricing 2018 Forum

    May 21, 2018 @ 8:00 am - May 23, 2018 @ 5:00 pm
  3. Future Social Media Strategy 2018 Forum

    May 31, 2018 @ 8:00 am - June 1, 2018 @ 5:00 pm
  4. Data Governance 2018

    June 21, 2018 @ 8:00 am - June 22, 2018 @ 5:00 pm

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