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Erschienen in:
Aims and Approach to Examining the Governance of Banks in the Global Financial Crisis and Beyond to the Australian Banking Royal Commission Inquiry into Banking Misconduct in Stage 2 Kapitel lesen Erstes Kapitel lesen

2022 | OriginalPaper | Buchkapitel

39. NAB and ASIC Failures in Issue Identification, Escalation and Resolution

verfasst von : Francesco de Zwart

Erschienen in: The Key Code and Advanced Handbook for the Governance and Supervision of Banks in Australia

Verlag: Springer Nature Singapore

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Abstract

This chapter examines NAB failures in issue identification, escalation and resolution and the ASIC Governance Taskforce 2019 findings on ‘information flows’.
We begin with NAB’s failure to escalate problems or ‘red flags’ – in general – giving rise to deficiencies in the flow of information upward through the bank to senior management and/or the board. NAB then identifies a wide range of issues that we convert to governance variables for:
  • operational risk management policy;
  • monitoring and reporting of issues, events and actions;
  • compliance breach assessment and reporting;
  • audit and regulatory issues;
  • the whistleblower program;
  • complaints reporting;
  • significant issues;
  • the customer remediation procedure;
  • management of ‘excessive’ risks;
  • regulatory engagement;
  • breach reporting;
  • voice of the customer in issue management;
  • complex issue management and closure;
  • resolving customer complaints;
  • customer remediation; and
  • regulatory interactions.
We conclude with the ASIC Governance Taskforce 2019 findings on ‘information flows’.

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Vorheriges Kapitel Introduction to Failings of Risk Management in the Global Financial Crisis and Beyond to the Australian Banking Royal Commission Enquiry into Banking Misconduct
Nächstes Kapitel Risk Culture, Risk Appetite and Risk Appetite Statements
Fußnoten
1
National Australia Bank, NAB Self-Assessment on Governance, Accountability and Culture, November 2018, accessed 15 March 2019, available at https://​www.​nab.​com.​au/​content/​dam/​nabrwd/​documents/​reports/​corporate/​nab-self-assessment-2018.​pdf (‘NAB Self-Assessment 2018’), pp. 31–35.
 
2
Francesco de Zwart, Enhancing Firm Sustainability Through Governance, The Relational Corporate Governance Approach, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, Corporations, Globalisation and the Law Series, July 2015, (‘Stage 1’). See Transparency and Timing of Reporting – Monitoring Effect. See discussion in section 9.1.2.1 of Stage 1, pp. 262–263.
For Stage 1, see also, Francesco de Zwart, “Enhancing firm sustainability through governance – Part 1: The challenge of corporate governance” (2018) 33(2) Aust Jnl of Corp Law 144 and Francesco de Zwart, “Enhancing firm sustainability through governance – Part 2: The framework of the relational corporate governance approach” (2019) 34(1) Aust Jnl of Corp Law 27.
 
3
NAB Self-Assessment 2018, above n 1, p 31.
 
4
Ibid.
 
5
Ibid.
 
6
Ibid
 
7
Ibid
 
8
Ibid
 
9
Ibid
 
10
Ibid.
 
11
Ibid.
 
12
Ibid
 
13
Ibid.
 
14
Ibid
 
15
Ibid
 
16
Ibid
 
17
Ibid.
 
18
Ibid, p 32.
 
19
Ibid.
 
20
Ibid.
 
21
Ibid.
 
22
Ibid.
 
23
Ibid.
 
24
Ibid.
 
25
Ibid.
 
26
Ibid.
 
27
Ibid.
 
28
Ibid.
 
29
Ibid.
 
30
Ibid.
 
31
Ibid.
 
32
Ibid.
 
33
Ibid.
 
34
Ibid. The Australian Treasury announced in a Proposals Paper of 22 January 2020 that it proposed to extend the BEAR to other APRA regulated entities in the insurance and superannuation industries with the introduction of the Financial Accountability Regime (FAR). See Australian Government, The Treasury, Proposal Paper, Implementing Royal Commission Recommendations 3.9, 4.12, 6.6, 6.7 and 6.8 Financial Accountability Regime, accessed 17 February 2020, available at https://​treasury.​gov.​au/​sites/​default/​files/​2020-01/​c2020-24974.​pdf. See Attachment A – Summary of changes from the BEAR to the FAR, pp. 11–13. The Government intends to introduce legislation by the end of 2020 to implement the FAR. See Proposal Paper, Next steps, p 3.
 
35
NAB Self-Assessment 2018, above n 1, p 33.
 
36
Ibid.
 
37
Ibid.
 
38
Ibid.
 
39
Ibid.
 
40
Ibid.
 
41
Ibid.
 
42
Ibid, p 34.
 
43
Ibid.
 
44
Ibid.
 
45
Ibid.
 
46
Ibid.
 
47
Ibid.
 
48
Ibid, p 35.
 
49
Ibid.
 
50
Ibid.
 
51
Ibid.
 
52
Ibid.
 
53
Ibid.
 
54
Australian Securities and Investments Commission, ASIC Corporate Governance Taskforce, Director and Officer Oversight of Non-financial Risk Report, October 2019, accessed 15 April 2020, available at https://​download.​asic.​gov.​au/​media/​5290879/​rep631-published-2-10-2019.​pdf (‘2019ASIC’).
 
55
Ibid, p 26.
 
56
Ibid, p 1.
 
57
Transparency and Timing of Reporting – Monitoring Effect. See discussion in section 9.1.2.1 of Stage 1, above n 2, pp. 262–263.
 
58
2019ASIC, above n 54, p 27.
 
59
Ibid.
 
60
Ibid.
 
61
Ibid.
 
62
Ibid, p 29.
 
63
Ibid.
 
64
Ibid, p 30
 
65
Ibid.
 
66
Ibid.
 
67
Ibid, p 31.
 
68
Ibid.
 
69
Ibid.
 
70
Ibid, p 32.
 
71
Ibid, p 33.
 
72
Ibid. ASIC cites Australian Institute of Company Directors and the Governance Institute of Australia, Joint Statement on Board Minutes, August 2019. Accessed 16 April 2020, available at https://​www.​governanceinstit​ute.​com.​au/​advocacy/​thought-leadership/​joint-statement-on-board-minutes/​ (footnotes omitted)
 
73
2019ASIC, above n 54, p 34.
 
74
Ibid (bold in original).
 
75
Ibid, p 35.
 
76
Ibid, p 36.
 
77
Ibid, p 35.
 
78
Ibid, p 36.
 
79
Ibid, p 37.
 
80
Ibid.
 
81
Ibid (bullet-points added).
 
82
Ibid, p 38.
 
83
Ibid, p 39.
 
Metadaten
Titel
NAB and ASIC Failures in Issue Identification, Escalation and Resolution
verfasst von
Francesco de Zwart
Copyright-Jahr
2022
Verlag
Springer Nature Singapore
Buch
The Key Code and Advanced Handbook for the Governance and Supervision of Banks in Australia

Print ISBN: 978-981-16-1709-6

Electronic ISBN: 978-981-16-1710-2

Copyright-Jahr: 2022

DOI
https://doi.org/10.1007/978-981-16-1710-2_39