PWC
Overview: The challenge of building a corporate culture that prioritises risk management, ethical behaviour and smart decision-making continues to weigh on financial services organisations.
Culture and conduct have never been more important in the financial services sector: board and executive accountability for defining and driving risk culture and good conduct is at the forefront of market attention, with new risk management and governance prudential standards from APRA, and increasing ASIC monitoring and enforcement of regulations designed to protect investor and consumer interests. With such a clear line of accountability you’d expect that both directors and management would be well advanced in meeting the requirements.
Despite this, the industry continues to be plagued by scandals which erode customer trust and shareholder returns.
