5.7 — Supervision of culture and governance

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 …

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 …

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 …