There is continued momentum emphasizing individual accountability and personal liability for senior managers.
Observations
Sep 20, 2023Earlier this month, the Australian Parliament passed the Financial Accountability Regime Bill 2023 (FAR), which will replace the existing Banking Executive Accountability Regime (BEAR).
Compendium
Jun 07, 2023Post-mortem reports that typically follow material risk management failures or misconduct scandals invariably point to poor oversight by bank boards and senior management, combined with incentive structures that encouraged excessive risk-taking. These incentive structures line the pockets of those at the top who may have been the very same people who were in positions of authority when the alleged wrongdoing occurred.
