Are you interested in joining and promoting the RO & Managers Forum, in response to industry confusion about APRA Fit & Proper Standards and the role of the RO & Manager?
The RO & Managers Forum is a not for profit volunteer endeavour facilitated by SSAMM Management Consulting (SSAMM) to meet the need for industry leadership.
We have been providing seminars since 2005 in Sydney, Melbourne and now Brisbane for RO and Managers. Speakers from all the regulators attend the sessions as well as leading speakers on topical subjects of importance to RO & Managers.
RO Forum Media & Seminars
May 2007: Financial Services Compliance Seminar endorsed by the RO Forum, Read More. Download brochure. Financial Services Compliance Seminar endorsed by the RO Forum, May 2006, Read More. Download brochure. The Financial Review "Buck stoppers running scared", Read more. "Plan to soothe edgy compliance officers". Read more.
Why SSAMM? : We have conducted education and awareness programs for the following:
Securities Institute (now FINSIA) RO Seminars (with ASIC); All 4 major banks; Tower Australia RO & Manager forums; and Information Systems Audit & Control, Regulatory Compliance seminars.
We also have significant experience in implementing effective risk and compliance frameworks; 100% success in obtaining Financial Services Licenses; and respond to court and enforceable undertakings for clients.
Contact Ulysses Chioatto on (02) 9247 0160 or (0416) 121667 or uchioatto@ssamm.com.au, to get involved.
The need: The role of RO or Manager is critical for all Financial Services Licensees. This role is critical for both regulators ASIC & APRA Areas of concern are the selection, induction, training and the legal responsibilities and liabilities of the role.
According to the Australian Securities and Investments Commission (ASIC) there are:
5,600 ROs and Managers (minimum) across Australia: The roles played by the RO include the CEO, Compliance, Distribution, Marketing or General Manager/s and Company Secretary, the likely areas of expertise including general insurance, underwriting and management.
ROs undertake the specific tasks associated with the requirements of the AFSL just as CFOs look after the financial requirements of the business. Going forward those very specific duties and obligations are increasingly being imposed on ROs. They have delegated tasks that are specific to the AFSL and its conditions.
What the Forum Does: We help with 4 critical areas :
Insights into new obligations such as Anti Money laundering legislation which will be included in the Responsible officers role: "undertaking the specific tasks and requirements of the licensee":
The FSR definition of RO in relation to a body corporate that has an AFSL is as an officer of the body who would perform duties in connection with the holding of the licence. Breaches of the FS Law may result in prosecutions for offences, civil penalties, injunctions and other relief authorised by section 1101B of the Corporations Act. ASIC can also impose conditions on, suspend or cancel licences.
Demonstrate how to include FIT & PROPER Standards in RO Selection & Induction:
The RO should be a person or persons to whom the directors of the AFS licensee have given the power and authority to make significant decisions relevant to the carrying on of a financial services business. Fit and proper ROs must satisfy criminal checks, any history of bankruptcy, and details of training and attendance at industry courses.
How to include FIT & PROPER Standards in Training.
RO Legal Responsibilities & Liabilities:
The role, responsibility and the potential legal liabilities of ROs are a recurring theme raised by financial service providers.
May 2007: Financial Services Compliance Seminar endorsed by the RO Forum, 
ASIC Advisers Conflicts of Interest.