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An over-reliance on consultants: cleaning up Australian banks

An over-reliance on consultants: cleaning up Australian banks

by Starling Insights

Starling Insights Editorial Board

Nov 04, 2021

Observations

APRA Australia Challenges in Governance Governance, Audit & Regulatory Failures Managing Culture & Conduct for Good Governance Culture & Consequences Hayne Royal Commission

Following the release of a fairly scathing Capability Review, conducted in 2019, the Australian Prudential Regulation Authority (APRA) was told it needed to step up its supervision of governance, risk culture, remuneration, and accountability (“GCRA”) practices in the industry.

As detailed by the Hayne Royal Commission into Misconduct in the Banking Superannuation and Financial Services Industry (2017-19), poor risk culture in the financial sector was identified as a leading contributor to disastrous financial outcomes for Australian consumers.

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