Inside Leadership wrap up
Last Thursday evening we were privileged to be invited to FutureYou’s exclusive panel discussion featuring some of Australia’s experts in Regulatory Compliance.
The panel included a mix Governance, Regulation, Dispute Resolution and Conduct professionals, including the Ombudsmen of AFCA (David Locke), Commissioner of ASIC (John Price) and the ATO’s CFO (Frances Cawthra). The topic was ‘unflinching and unapologetic: higher expectations reforming Governance’ which provided some great insights into what is shaping local policy and enforcement landscapes.
In particular, Commissioner John Price was able to delve into contemporary views from within ASIC in this post Royal Commission era. Key takeaways from us included:
- ‘Professionalism’ is a concept that is critical to reshaping the financial sectors internal culture and promoting this is firmly on ASIC’s agenda
- The ‘close and continuous monitoring’ or CCM that ASIC have recently implemented is picking up on a range of issues, many of which were not yet known at organisation’s Board levels. This emphasises the importance of reporting up not just the ‘average’ or ‘generalised’ picture but a diverse range of exceptions and matters.
- ASIC will be focused on culture, governance and remuneration as part of the CCM regime – with increased enforcement to deter entities from trading off risk management for more immediate returns and increased public denounciations where wrongdoing is detected.
- Improving governance has been widely addressed in publicly available guidance including the ASX Corporate Governance Principles. The next phase is to test organisational implementation of these resources and how effective they are.
- Culture is driven through every day operations – it isn’t something that is designed or policed by HR departments
A huge thank you to Tara Piazza for inviting us along to this event, to FutureYou for hosting and to the panel for their knowledgable insights. FutureYou offer a tailored talent management approach and their Inside Leadership talk series “provides insights from Australian business leaders who have succeeded through adversity and are exclusively sharing their stories for the benefit of future generations.”
If you were interested in attending future events of this nature – feel free to check out their website here.