In conducting its prudential supervision of APRA‑regulated institutions and in revising its prudential standards and guidance, APRA should: build a supervisory program focused on building culture that will mitigate the risk of misconduct; use a risk‑based approach to its reviews; Read More …
Tag: culture
5.6 — Changing culture and governance
All financial services entities should, as often as reasonably possible, take proper steps to: assess the entity’s culture and its governance; identify any problems with that culture and governance; deal with those problems; and determine whether the changes it has Read More …
Recommendations – Culture, Governance and Remuneration
Recommendation 5.1 — Supervision of remuneration — principles, standards and guidance Recommendation 5.2 — Supervision of remuneration — aims Recommendation 5.3 — Revised prudential standards and guidance Recommendation 5.4 — Remuneration of front line staff Recommendation 5.5 — The Sedgwick Read More …
Culture, governance and remuneration
Because primary responsibility for misconduct in the financial services industry lies with the entities concerned and those who manage and control them, effective leadership, good governance and appropriate culture within the entities are fundamentally important. And culture, governance and remuneration Read More …
Culture and governance
Recommendation 5.6 – Changing culture and governance All financial services entities should, as often as reasonably possible, take proper steps to: assess the entity’s culture and its governance; identify any problems with that culture and governance; deal with those problems; Read More …
Culture, governance and remuneration
7.1 Background
Allianz Australia Insurance Ltd (Allianz) issues general insurance products, including travel insurance products. [1] The Commission heard evidence about misleading and deceptive content that appeared on the travel insurance pages of Allianz’s website between 2012 and 2018, as well as Read More …
7.3 An accountability regime
The essential thesis that informs the BEAR is that a sound risk culture coupled with effective corporate governance and the imposition of stronger consequences will improve accountability. Improved accountability ultimately translates to improved performance. APRA has said that the establishment Read More …
5 Co-regulation by APRA and ASIC
The original conception of APRA from the Wallis Inquiry has shaped how it perceives its role, how it performs its functions and how it exercises its powers. Mr Wayne Byres, APRA’s Chair, put the matter plainly: [W]e don’t see ourselves Read More …
3.7 Making the change in ASIC’s enforcement culture
3.7.1Internal review ASIC’s first step, which it had taken at the time it made its submissions in response to the Interim Report, has been to undertake an Internal Enforcement Review focusing particularly on ‘policies, processes and decision‑making procedures’ relevant to Read More …