Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
Poor compliance culture a red flag for ASIC

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

The major bank has lowered its interest rate floor for mortgage serviceability assessments, becoming the third major bank to amend its polic...

A big four bank has announced the appointment of a new chief executive officer. ...

Digital neo-lender 86 400 has been granted a full authorised deposit-taking institution licence by APRA and expects to launch its mortgage ...

FROM THE WEB
podcast

LATEST PODCAST: A shift in serviceability requirements

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?

Website Notifications

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