In 2019, the Australian Prudential Regulation Authority (APRA) completed a review of the compliance risk management systems at four major banks. Since then, several high-profile misconduct failures have made headlines, displaying failures in compliance risk management and damaging public trust in the financial system. As a result, APRA supervisors have been increasingly attentive to how entities across all industries are managing compliance risk, the challenges they face, and how practices in this area can be improved.
APRA has issued guidance for compliance risk management, stating that it is essential that it "remains a priority for senior management and boards." In its guidance, APRA highlighted the need for financial institutions to:
This content is available to paid Members of Starling Insights.
If you are a Member of Starling Insights, you can sign in below to access this item.
If you are not a member, please consider joining Starling Insights to support our work and get access to our entire platform. Enjoy hundreds of articles and related content from past editions of the Compendium, special video and print reports, as well as Starling's observations and comments on current issues in culture & conduct risk management.
Join The Discussion