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ASIC Culture Survey Shows

ASIC Culture Survey Shows "Dire" Results

by Starling Insights

Starling Insights Editorial Board

May 16, 2024


Staff at the Australian Securities and Investments Commission (ASIC) reported critically low levels of satisfaction and motivation in a 2023 culture survey, as reported by the Australian Financial Review (AFR).

The report, which was made public through a senate inquiry, showed that ASIC achieved "average" or "desirable" on just two of 12 outcomes. The AFR had previously sought the results of the survey after a whistleblower report described them as "dire." However, ASIC pushed back, arguing that releasing the results would have a “significant adverse effect on the management of ASIC staff members.”

The survey found that the levels of stress and job insecurity among ASIC employees were unacceptably high. At the same time, positive measures, including intention to stay and role clarity, ranked well below what would be considered "desirable." Notably, staff rated organizational-level quality at just five out of 100.

"The results are particularly damning given ASIC... [has] pushed for powers to regulate company culture," the AFR wrote. However, the efforts of well-intentioned leaders do not inevitably lead to culture change.

Earlier this year, Starling Insights published a Deeper Dive report entitled "Physician, Heal Thyself," which discusses global efforts to hold regulators accountable for their organizational culture and the outcomes such culture may drive. Regulators, that is, are increasingly being held to a standard regarding culture and conduct that they have emphasized in recent years among the firms they oversee. ▸ Get the Report

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