Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

Poor compliance culture a red flag for ASIC

The corporate regulator will be on high alert for companies with no "culture of compliance".

Speaking at an Australian Institute of Company Directors lunch this week, ASIC chairman Greg Medcraft said that a director’s stewardship should drive a culture of compliance within the company.

“If we find that a company’s culture is lacking, it is a red flag that there may be broader regulatory problems in the company,” Mr Medcraft said.

Advertisement
Advertisement

“This means we are more likely to investigate and gather intelligence on that organisation,” he said.

Mr Medcraft stressed that directors should ensure that their stewardship drives the right compliance culture in their organisation by going above and beyond what is required.

“They should also go beyond what the law requires,” he said.

Mr Medcraft concluded his speech by telling Australian directors that their actions affect more than just the companies they act for and its shareholders.

“You are integral gatekeepers in our financial system and, through the proper performance of your role, you help ensure that investors are confident and informed, and our markets are fair, orderly and transparent,” he said.

“This is important in helping to ensure that markets work to fund the real economy and, in turn, economic growth and wellbeing.”

Poor compliance culture a red flag for ASIC
mortgagebusiness

Latest News

A consultation has opened on extending BEAR obligations to all APRA-regulated entities, including insurers and superannuation entities, und...

The non-major has announced the appointment of a new CIO, just a day after appointing a new chair. ...

The non-major bank has appointed a new chief executive officer of HSBC Bank Australia Ltd, taking over from interim chief executive officer ...

FROM THE WEB
podcast

LATEST PODCAST: New government loans and grants for SMEs

Do you think Australia will move to quantitative easing this year?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.