Retirement funds in South Africa have regulatory reporting requirements to comply with Regulation 28, but many funds lack the skills, systems, and data needed to fully comply and produce accurate reports. This document outlines a regulatory consulting service from Global Investment Reporting (GIR) to help retirement funds assess their level of compliance, establish objectives and frameworks for achieving full compliance, and generate comprehensive regulatory reports. GIR's multi-focused approach will provide funds with the tools and guidance needed to properly monitor and report on their regulatory compliance.
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In March 2014 the Financial Accounting Standards Board (FASB or Board) issued an exposure draft: Proposed Statement of Financial Accounting Concepts: Conceptual Framework for Financial Reporting, Chapter 8: Notes to Financial Statements. The exposure draft proposes a framework that the FASB will use to identify information that is most important to financial statement users of for-profit and not-for-profit entities’ financial statements, and to reduce unnecessary disclosures within those financial statements. Comments on the exposure draft are due July 14, 2014.
The disclosure framework project began in 2009 as an effort to create financial disclosures that are more effective, coordinated and less redundant. In 2012 the FASB issued an invitation to comment that outlined the objectives of the project’s two phases: the Board’s decision process and the entity’s decision process. The March 2014 exposure draft addresses the Board’s decision process phase of the project.
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Sound governance and effective institutions are essential to achieve shared prosperity and sustained reductions in poverty.
Public accountability and proper governance contribute to better delivery of public services, support competition and growth, including through cooperation with private sector.
Quality information helps the government properly analyze risks and play their essential roles in resolving the complex and interconnected challenges in variety of sectors, including in health, social protection and education.
Chapter 15
Learning Objectives
Elements of a hospital compliance program
High risk areas of hospital operations
Hospital-wide Standards of Conduct
Duties of the hospital Compliance Officer
Conducting compliance training and education
Open lines of communication
Continuously monitor program operations
Responses to possible compliance offenses
Example of a hospital compliance plan
Introduction
The purpose of a compliance program is to promote adherence to Federal and State laws on fraud abuse, and the program requirements of public & private health plans.
The Office of the Inspector General (OIG) in the federal Department of Health and Human Services (DHHS) has issued two guidances on the structure and focus of hospital compliance programs.
Compliance Risks Unique
to Hospitals (I)
Outpatient services rendered in connection with an inpatient stay
Submission of claims for laboratory services
Physicians at teaching hospitals
Cost reports
Recruitment of physicians to medical staff
Attracting patient referrals to the hospital
Admission and discharge policies
Compliance Risks Unique
to Hospitals (II)
Supplemental payments
Tax-exempt standards for non-profit hospitals
Gain-sharing arrangements between a hospital and its physicians
Antitrust implications of hospital decisions to merge with or acquire each other
HIPAA Privacy and Security Rules
Compliance Risks Unique
to Hospitals (III)
Legal implications of trend for hospitals to purchase physician practices, align strategic hospital goals with those of physician practices, and enter into hospital-physician collaborations in support of an accountable care organization (ACO)
Compliance with EMTALA in the operation of hospital Emergency Departments
Benefits of a Hospital
Compliance Program (I)
Identify & prevent criminal & unethical behavior
Ensure false & inaccurate claims not submitted
Facilitate employee reports of possible problems
Facilitate investigations of alleged misconduct
Initiate prompt & appropriate corrective action
Reduce exposure to civil and criminal penalties
7
Benefits of a Hospital
Compliance Program (II)
Central source for information on fraud & abuse
Accurate view of employee misconduct
Identify weaknesses in systems and controls
Improve quality & efficiency of care delivery
Build hospital reputation for lawful & ethical behavior
Elements of an OIG Recommended Hospital Compliance Program
Standards of conduct, policies, and procedures
Designation of compliance officer and committee
Regular education and training programs
Process to receive complains
System to respond to complaints and enforce disciplinary action
Audit and monitor compliance
Investigation and correction of problems
Written Policies and Procedures (I)
The framework of the compliance program consists of written policies and procedures that identify the most critical risk areas in the hospital and prescribe how people should act in those areas.
Standards of Conduct
Claims preparation ...
Against the backdrop of important structural reforms and terms of trade gains, India recorded strong growth in recent years in both economic activity and financial assets. Increased diversification, commercial orientation, and technology-driven inclusion have supported growth in the financial industry, backed by improved legal, regulatory, and supervisory frameworks. Yet, the financial sector is grappling with significant challenges, and growth has recently slowed. High nonperforming assets (NPAs) and slow deleveraging and repair of corporate balance sheets are testing the resilience of the banking system and holding back investment and growth.
1. REGULATORY CONSULTING TO RETIREMENT FUNDS 2016
Re
Regulatory
Consulting to
Retirement
Funds
MAKING SENSE OF REGULATORY COMPLIANCE REPORTING SOUTH AFRICA
Retirement funds and their Boards of
Trustees have been tasked with the
mammoth exercise of implementing
Regulation 28 of the Pension Funds Act,
1956 (as amended).
What has been achieved?
The most important development to
date has been the adoption of
Regulation 28 Schedule IB, which is a
basic confirmation of underlying
investments within prescribed limits.
Most Trustees, consultants and
administrators are aware of these
reporting requirements and have been
providing regular reports.
So what is the problem?
The following principles of Regulation 28
are mostly ignored due to lack of
information and systems:
1. Member level reporting
2. Daily Breach reporting
3. Accuracy of reports
4. Derivative exposures
5. Instrument Classifications
6. Non-Compliance reports
7. Look-through reporting
8. Schedule IA Reports
9. Comprehensive risk reports
10. Stress Testing exposures
11. ESG Reporting at asset level
12. Asset Liability Testing
13. Credit rating verification
14. Promotion of BBBEE suppliers
15. Trustee Education in Reg28
16. Mandate compliance reports
17. Investment Policy Statement
compliance reports
18. Qualified Audits – Reg28
19. Member communication
20.Infrastructure communication
Regulation 28 encompasses all of the
above requirements to ensure
transparency and good governance.
Despite the best of intentions, Trustees
and their appointed agents do not have
all the skills, systems and data to
produce accurate reporting to ensure
complete compliance with the
regulation.
Regulation 28 is law
Although the Financial Services Board (FSB)
has not strictly enforced the regulations, the
lack of penalties and fines should not be the
reason for not ensuring compliance.
Increased transparency
Having a greater understanding of the
retirement fund composition allows Trustees
to make informed decisions and reduce risk.
Regulatory Consulting
2. The aim of the consulting process is
to determine the extent to which the
retirement fund complies with the
regulation and to provide assistance
in achieving full compliance. In order
to provide a comprehensive
assessment, GIR will employ a multi-
focused approach that will enable a
dashboard review of the fund’s
rating against regulatory compliance
elements. The report, together with
supporting information from GIR, can
then be used by the Trustees and
fund consultants to maintain
supervisory control of the fund’s
compliance with the regulations.
As part of our consulting service, GIR
will provide comprehensive daily,
monthly, quarterly and annual
reports including Regulation 28 (fund
and member level compliance),
quarterly SARB D427, Investment
Policy Statement (IPS) and Mandate
compliance, ESG assessments, BBBEE
review of service providers,
independent review of credit ratings
and Trustee training on regulatory
changes.
GIR has created a consulting solution
to assist retirement fund Trustees,
consultants, administrators and
auditors to assess the level of
compliance with the regulatory
requirements whilst managing the
progression to achieve an overall
compliant status.
Assessment of current regulatory
reporting processes and procedures
including systems, source data,
accuracy and transparency of reports
Establish the retirement fund
regulatory compliance objectives
Implement regulatory reporting and
monitoring frameworks to achieve
regulatory objectives
Build fund specific Investment Policy
Statement (IPS) and mandate
compliance monitoring
Daily, fund and investment channel
level Regulation 28 breach
management and reporting
Develop a projected roadmap and
timeline to achieve compliance goals
Provide regulatory guidance on
investment product strategy to
ensure consistency between
regulation and investment funds
Generate compliance management
reports for periodic review and
assessment of regulatory objectives
Fund and channel level risk
management and stress testing of
current portfolios
Provide member level communication
of their retirement fund investments
into infrastructure projects that has
created jobs, built houses with
electricity and running water, created
renewable energy projects, built
community shopping centres and
other contribution statistics to
highlight their impact on South Africa
and its development.
FAST FACTS - GLOBAL INV REPORTING
R300bnAssets under Regulatory reporting
250 000Regulatory reports per quarter
1200 CIS FUNDS
Instrument data for over 90% of SA CIS funds.
200 SEG FUNDS
Segregated retirement fund portfolio
300 Mutual Funds
International fund data
AROUND TOWN
FOR MORE INFORMATION
T (010) 595 1010
E Lchetty@girsa.co.za
W www. girsa.co.za
A 1st Floor Block B
Hurlingham Office Park
Sandton
Johannesburg
Global Investment Reporting is an
authorised financial services provider.
FSP No. 45482
Consulting
Objectives
Reporting
Framework