Posts tagged APRA
Culture, capability and comparison

Smarter Compliance. Compliance used to be a simple process of ‘box ticking’ and commercial obstructionism but now it’s expected to embrace ethics, efficiency and ‘culture’. As the compliance function broadens its focus ,and secures its footing as a practitioner of a strategic management discipline, Compliance Managers are being asked to define or articulate the rules and values against which their business will be assessed. The difficulty is that it’s extraordinarily difficult to assess culture. This article provides eight points that might suggest a good compliance culture.

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APRA, risk and ‘boiling frogs’

Smarter Compliance. In May 2019, APRA released an Information Paper reporting on the results of self-assessments performed by 36 financial institutions. Focusing on governance, accountability and culture, the responses indicated that CBA is not an outlier and that the issues that exposed them to public and regulatory criticism, are also present in their competitors and peers. Perhaps, the only differences are time and orders of magnitude. This article references the report and offers suggestions to those Licensees hoping to improve their culture, governance and compliance framework.

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Easter Reading: Greased Pigs and "damned fine coffee"

Smarter Compliance. In the current environment of declining margins, increased scrutiny and looming transformational change, it’s sometimes challenging to maintain enthusiasm and momentum. The key to both is being properly prepared. In a changing and complex environment, the secret to success is assured support. In this article, we offer you three resources that provide three compelling reasons to review, refine and improve your compliance arrangements. Take the opportunity now. If you need help, reach out.

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You're right, "Compliance" is (still) the problem

Smarter Compliance. As easy as it has been to highlight the ignorance and arrogance of some advice ‘leaders’, the reality is that their failings may have been exacerbated by compliance functions that were impotent, ignorant or lacking in courage. In fact, ASIC might add ‘compromised’ as a defining feature of some of these compliance functions. The sad truth is that ASIC was not alone in its criticism of compliance functions; both APRA and the Banking Royal Commission have echoed similar concerns and highlighted a need for the transformation of ‘compliance’. This article considers how burgeoning expectations about competency, capability and courage should apply to your compliance function.

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Planning for 2018: Your Top Three 'Compliance' Priorities

If you’re a Licensee, Compliance Manager or Responsible Manager, you’re forgiven for feeling overwhelmed, fatigued and dispirited. The rate and extent of regulatory change, consistent and critical media coverage, increasing costs and declining revenues and the constant anticipation of regulatory intervention make a challenging job almost impossible. Even with the best of intentions, it's often difficult to prioritise activity when your capacity is consumed by reactive responses to unforeseen issues. This article addresses what we think should be your 'Top Three' priorities for 2018. 

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Trust, Culture and Enforcement

On 12 September 2017, ASIC Chairman Greg Medcraft presented at the Thomson Reuters Newsmaker event and articulated his view that ASIC is primarily an enforcement body responsible for promoting investor trust and confidence in financial services. With reference to the ongoing actions involving Commonwealth Bank, NAB and a range of smaller licensees, the Chairman discussed ASIC's priorities and addressed a variety of topics including trust, reputation and culture. This article explores the reasons, consequences and implications of those views. 

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