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.

“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.

Advertisement
Advertisement

“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

Latest News

The number of dwellings approved plunged in January but still remained well above last year’s level, according to ABS data. ...

Australians aged 22 and under (Gen Z) are the age group that is most interested in owning a home in future, even though two-fifths believe...

Teachers Mutual Bank Ltd has welcomed new directors to its board and bid farewell to John Kouimanos, who has retired from the board after...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Aggregation group changes

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

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