Welcome to the first in a series of posts from Peter Edwards, Executive Director, Financial and Prudential Regulation at the Aged Care Quality and Safety Commission (the Commission).
I’m pleased to have the opportunity through this new channel to discuss a range of topics focusing on the Commission’s financial and prudential regulatory role.
Many readers know and understand the Commission’s responsibility oversighting aged care quality and safety standards. I will use this channel to start and build a similar understanding, particularly among those who manage and run aged care services, about the purpose of financial and prudential regulation and how it helps support better outcomes for consumers.
I will also look to cover off on a range of other topics, such as what are the attributes of good financial governance and causes of prudential risk. It will also be useful to spend time demystifying different concepts, such as capital adequacy and how these types of measures can be used to identify financial viability risk.
In creating this channel, I want to avoid adding to the information overload all of us deal with on a day-to-day basis. For that reason, my aim is to keep posts as short and to the point as possible. As I do that, I will welcome your feedback about what additional information you might find useful or topics I should cover. You can provide this feedback via prudential@agedcarequality.gov.au.
In this first post I thought it might be useful to briefly outline my background and how that influences the approach I take to my role. I have a legal background and have spent many years working in regulatory environments. Before that I worked in nursing and clinical leadership roles. This has given me a deep appreciation of both the challenges of delivering care, as well as the importance of strong governance in helping ensure that care is delivered safely and to the highest possible standard. This motivates me to use my role to build a clearer shared understanding of how financial strategies, planning and controls ultimately shape care delivery at the point of service.
Thanks for reading. Join me next time when I will talk about why financial and prudential standards are important.
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Peter Edwards
Executive Director, Financial and Prudential Regulation
