Businesses need to ensure they don't get "bogged down in the detail" when ensuring they comply with superannuation changes, according to a panel of experts.
At a recent ASFA briefing, speakers said that while many trustees and chief executives of superannuation businesses were introducing new risk and compliance frameworks, it was important the industry remained focused on outcomes.
"APRA approach risk appetite from the perspective that it drives business strategy," Qantas Superannuation head of risk and compliance Hugh Loughrey said.
"They're expecting for trustees to demonstrate that risk is at the front and centre of business strategy development, not just in the implementation or as an afterthought, and I think their point about forward engagement is critical.
"This expectation . will require you to look at the broader range of risk and if you get bogged down in the detail, you just won't' get there."
Superpartners executive manager, corporate services Lucienne Layton said there are two main issues she sees in risk and compliance frameworks that need to be addressed.
"Let's make them simpler and let's make them focused on achieving the right outcomes, irrespective of the process you've got underneath," she said.
"The second thing - and it's the thing that everyone misses with risk and compliance - is that we are change agents. So if you want to introduce risk and compliance frameworks in your organisation, you need to think about it from a change management perspective."
When analysing risk management frameworks under the new prudential standards frameworks, Sector Seven Consulting director Deborah Latimer said that it is important that businesses keep their own firm in mind.
She said the piecemeal release of the prudential standards have meant businesses need to have a business-centric focus.
"I think the way the prudential standards have been released from APRA is quite difficult from a practitioners point of view to put all the bits together that you want, in order to organise them so they make sense for your business," she said.
"So everyone's been pulling them apart really and reorganising that information so it makes sense for themselves."
