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2022 | OriginalPaper | Buchkapitel

45. The Risk Management Function

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

Chapter 45 of the Stage 2 Key Code and Advanced Handbook examines the risk management function beginning with APRA’s requirements for the second line of defence risk management function.

There follows other functions and responsibilities of the second line of defence including second line of defence variables, risk identification variables and monitoring variables. We then examine the Westpac second line of defence monitoring variables, second line of defence skills, capabilities and stature and the Westpac Reassessment on second line frameworks, controls and standards. We continue with APRA’s failings in operational and compliance risk policies, frameworks and management, the Westpac common risk and control language, Westpac’s process to regularly review, assess and test controls and Westpac’s identification of new, emerging and heightened risks. We conclude this section of the Chapter with risk reporting of the second line risk management function.

Section 45.2 examines the Enterprise Risk Management (ERM) framework and shortcomings in ERM practice. Section 45.3 reviews resources for risk management.

Section 45.4 then moves to examine risk identification, monitoring and control with an introduction to internal controls. Section 45.5 is an introduction to communication of risk including principles for identification, escalation/communication and disclosure of risk:

at customer level;
at the first-line of defence business unit level;
at the second line of defence risk management function level;
at whistleblower level; and
at the board level reporting to shareholders and the external market/stakeholders.

Section 45.6 examines escalation of risk information upwards through ‘red flags’ including reporting lines of the CRO.

There follows discussion of the failure of ‘red flags’ as a failure in board’s oversight of risk management, failure by senior management to escalate ‘red flags’ or information upwards to the board and failure by the second-line risk management function to escalate ‘red flags’ or information upwards to the board including communication in corporate hierarchies with unitary boards. The latter includes two steps – the second-line ‘red flag’ functions and second-line principles for communication of risk.

Section 45.10 reviews the APRA and Westpac Review Team 2018 identification of failures to escalate ‘red flags’ from staff including APRA issue identification, escalation and resolution and Westpac issues and incidents identified by Westpac employees.

Section 45.11 examines APRA and the Westpac Review Team 2018 identification of failures to escalate ‘red flags’ from customers including:

Westpac customer complaints;
Westpac identification of systemic customer complaints;
Westpac customer complaint reporting;
Westpac escalation of customer complaints; and
Westpac identification of vulnerable customers.

In Sect. 45.12 we review APRA and the Westpac Review Team 2018 identification of failures to escalate ‘red flags’ from regulators and whistleblowers.

Section 45.13 reviews the APRA identification of failures in financial objectives and prioritisation.

There follows in Sect. 45.14 a discussion of compliance as part of the second line of defence including the effectiveness of the compliance function.

Chapter 45 concludes in 45.15 with APRA’s identification of failings in accountability and responsibility including:

the approach to governance variables for failings in accountability and responsibility;
the governance variables themselves for failings in accountability and responsibility; and
APRA’s recommendations for accountability.

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Vorheriges Kapitel Board Risk Committee Composition

Nächstes Kapitel The Internal Audit Function

Australian Prudential Regulation Authority, Prudential Standard CPS 220 Risk Management, July 2019, accessed 22 September 2019, available at https://www.apra.gov.au/sites/default/files/cps_220_risk_management_effective_from_1_july_2019.pdf (‘CPS 220’), sections 37–42, pp 10–11. In addition to finalisation of APRA’s Draft Prudential Standard 511 Remuneration, APRA has announced that it intends to consult on revised versions of Prudential Standard CPS 510 Governance, Prudential Standard CPS 220 Risk Management and Prudential Standard 520 Fit and Proper in the second half of 2020 with expected effective dates of 2022. See Australian Prudential Regulation Authority, Information Paper, APRA’s Policy Priorities, section 2.1.1 Governance and risk management, section 2.1.3 Accountability and Attachment B: Timelines.

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 Board – Director Skills ‘Mix’ – see discussion in section 7.3.1.2.1 of Stage 1, pp 198–201.

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.

CPS 220, above n 1, section 37(a)–(g), p 10

Ibid, section 38, p 10.

Ibid, section 39, p 10.

Ibid, section 40, p 10.

Ibid, section 43, p 11.

Ibid.

The Bank for International Settlements, The Basel Committee on Banking Supervision, Guidelines, Corporate Governance Principles for Banks, July 2015, accessed 21 March 2017 at http://www.bis.org/bcbs/publ/d328.htm, (‘BCBS Guidelines 2015’), Para 105, p 25.

Ibid, Para 106, p 25.

Institute of International Finance, Final Report of the IIF Committee on Market Best Practices: Principles of Conduct and Best Practice Recommendations, Financial Services Industry Response to the Market Turmoil of 2007–2008, Washington, DC, July 2008, accessed 24 March 2017 at http://www.apec.org.au/docs/11_CON_GFC/IIF_Final_Report_of_the_Committee_on_Market_Best_Practices.pdf (‘IIF Final Report 2008’), Recommendations I.6 – I.8, p 34.

Banks – Board Oversight of Risk Management – Failure to Escalate Problems or Red Flags – Reduction in Information Flow – Reduction in Quality of Risk Management and Internal Monitoring and Decision-making – Reduction in Quality of Accountability/Responsibility, coverage/rating − 8/100.00 rprox. See discussion in Sect. 38.6 above.

See discussion in section 9.1.2.1 of Stage 1, above n 2, pp 198–199.

Australian Prudential Regulation Authority (APRA), Prudential Inquiry into the Commonwealth Bank of Australia, Final Report, 30 April 2018, (‘APRA Final Report’), accessed 1 June 2018 at www.apra.gov.au/AboutAPRA/.../CBA-Prudential-Inquiry_Final-Report_30042018.pdf, section 4.2.2, Operational and compliance risk management, p 31.

Ibid.

Board – Director Skills ‘Mix’ – see discussion in section 7.3.1.2.1 of Stage 1, above n 2, pp 198–201.

APRA Final Report, above n 14, p 29.

Ibid, p 30.

Ibid.

Board – Director Skills ‘Mix’ – see discussion in section 7.3.1.2.1 of Stage 1, above n 2, pp 198–201.

Ibid.

APRA Final Report, above n 14, p 29.

Ibid.

Ibid, p 30.

Westpac Banking Corporation, Review Team, Governance, Accountability and Culture Self-Assessment, 28 November 2018, accessed 5 August 2019, available at https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/aw/media/Westpac_Self-Assessment_Report_.pdf (‘Westpac Review Team 2018’), section 6.1.11 and Recommendation G11, p 43.

Ibid, section 6.2.8, p 44.

Ibid, section 6.2.9, p 44.

Ibid, section 6.2.10, pp 44–45.

Board – Director Skills ‘Mix’ – see discussion in section 7.3.1.2.1 of Stage 1, above n 2, pp 198–201.

Westpac Banking Corporation, Reassessment of the Culture, Governance and Accountability Remediation Plan, June 2020, accessed 20 November 2020, available at https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/aw/media/WBC_CGA_Reassessment.pdf (‘Westpac Reassessment’).

Ibid, Chapter 4, Shortcomings in culture, governance and accountability frameworks and practices, Table 1, 3. Risk boundaries, frameworks and capabilities, p 16.

Ibid.

APRA Final Report, above n 14, section 4.2.2, Operational and Compliance Risk Management, pp 31–32.

See discussion in section 9.1.2.1 of Stage 1, above n 2, pp 198–199.

APRA Final Report, above n 14, section 4.2.2, Operational and compliance risk management, p 31.

Ibid.

Ibid, p 32.

Ibid.

Ibid, pp 32–33.

Ibid, p 33.

Ibid.

See discussion in section 9.1.2.1 of Stage 1, above n 2, pp 198–199.

APRA Final Report, above n 14, section 4.2.2, Operational and compliance risk management, p 34

Ibid.

Ibid, section 4.2.3, CBA’s control environment, p 34.

See discussion in section 9.1.2.1 of Stage 1, above n 2, pp 198–199.

APRA Final Report, above n 14, section 4.2.3, CBA’s control environment, Recommendation 12, p 35.

Ibid.

Board – Director Skills ‘Mix’ – see discussion in section 7.3.1.2.1 of Stage 1, above n 2, pp 198–201.

APRA Final Report, above n 14, section 4.2.3, CBA’s control environment, Recommendation 13, p 35.

Ibid.

Ibid, section 4.2.4, CBA’s compliance function, p 35.

Transparency and Timing of Reporting – Monitoring Effect. See discussion in section 9.1.2.1 of Stage 1, above n 2, pp 262–263.

APRA Final Report, above n 14, section 4.2.4, CBA’s compliance function, p 35.

Ibid.

Ibid, Recommendation 14, p 36.

Ibid.

Ibid, section 4.2.5, Conduct risk, p 36

Transparency and Timing of Reporting – Monitoring Effect. See discussion in section 9.1.2.1 of Stage 1, above n 2, pp 262–263.

APRA Final Report, above n 14, section 4.2.5, Conduct risk, p 36.

Ibid.

Ibid citing Australian Securities and Investments Commission, Market Supervision Update Issue 57 – Conduct Risk, March 2015.

APRA Final Report, above n 14, section 4.2.5, Conduct risk, p 36.

Ibid, Recommendation 15.

Westpac Review Team 2018, above n 33, section 6.3, pp 45–46.

100

See discussion in section 9.1.2.1 of Stage 1, above n 2, pp 198–199.

101

Westpac Review Team 2018, above n 33, section 6.3.2, pp 45–46.

102

Ibid.

103

Ibid, p 46.

104

Ibid, section 6.3.4, p 46.

105

Ibid. See also section 6.3.6.

106

Ibid, section 6.3.5, p 46.

107

Ibid.

108

Ibid, section 6.3.7, p 46.

109

Ibid.

110

Ibid, sections 6.3.8–6.3.11, p 47.

111

See discussion in section 9.1.2.1 of Stage 1, above n 2, pp 198–199.

112

Westpac Review Team 2018, above n 33, section 6.3.8, p 47.

113

Ibid.

114

Ibid, section 6.3.9, p 47.

115

Ibid.

116

Ibid, section 6.3.11, p 47.

117

Ibid, section 6.3.1.2, p 47.

118

See discussion in section 9.1.2.1 of Stage 1, above n 2, pp 198–199.

119

Westpac Review Team 2018, above n 33, section 6.3.12, p 47.

120

Ibid.

121

Ibid.

122

OECD Steering Group on Corporate Governance, Corporate Governance and the Financial Crisis: Key Findings and Main Messages, June 2009, approved for publication 29 May 2009, accessed 12 April 2017 at www.oecd.org/corporate/ca/corporategovernanceprinciples/43056196.pdf, (‘OECD Key Findings 2009’), p 38 citing R Anderson, Independent Governance: Risk and Assurance, Consultants Report for the OECD, 2009.

123

Grant Kirkpatrick, The Corporate Governance Lessons from the Financial Crisis, Report of the OECD Steering Group on Corporate Governance, 11 February 2009, Financial Market Trends, Vol 2009/1, ISSN 1995-2864, accessed 27 March 2017 at http://search.oecd.org/finance/financial-markets/42229620.pdf, (‘OECD Kirkpatrick Report 2009’), Box 1, An enterprise risk management framework, p 7 citing Committee of Sponsoring Organisations of the Treadway Commission.

124

Board – Director Skills ‘Mix’ – see discussion in section 7.3.1.2.1 of Stage 1, above n 2, pp 198–201.

125

OECD Kirkpatrick Report 2009, above n 123, pp 8–10.

126

Ibid, p 8.

127

IIF Final Report 2008, above n 11, Principle III, Liquidity Risk, Conduit, and Securitisation Issues, Principles III.i–III.vi and Recommendations III.1–III.19, pp 52–70.

128

Ibid, Principle V, Credit Underwriting, Ratings, and Investor Due Diligence in Securitisation Markets, Principles V.i–V.ix and Recommendations V.1–V.20, pp 85–97.

129

OECD Kirkpatrick Report 2009, above n 123, p 8.

130

Ibid.

131

Ibid.

132

IIF Final Report 2008, above n 11, Principle IV, Valuation Issues, Principles IV.i–IV.iv and Recommendations IV.1–IV.25, pp 71–84.

133

OECD Kirkpatrick Report 2009, above n 123, p 10.

134

IIF Final Report 2008, above n 11, Section B, Risk Management Methodologies and Procedures, Principles I.iv–I.vi and Recommendations I.26–I.44, pp 39–44. See also Section C, Stress-Testing Issues, Principles I.vi–I.viii and Recommendations I.45–I.58, pp 45–48.

135

OECD Kirkpatrick Report 2009, above n 123, p 10.

136

Ibid.

137

IIF Final Report 2008, above n 11, Principle III, Liquidity Risk, Conduit, and Securitisation Issues, Principles III.i – III.vi and Recommendations III.1 – III.19, pp 52–70.

138

OECD Kirkpatrick Report 2009, above n 123, p 10.

139

Ibid.

140

IIF Final Report 2008, above n 11, Recommendation I.23, p 38.

141

Ibid, Recommendation I.24, p 38.

142

Ibid, Recommendation I.25, p 38.

143

Transparency and Timing of Reporting – Monitoring Effect. See discussion in section 9.1.2.1 of Stage 1, above n 2, pp 262–263.

144

Board – Director Skills ‘Mix’ – see discussion in section 7.3.1.2.1 of Stage 1, above n 2, pp 198–201.

145

BCBS Guidelines 2015, above n 9, Ibid, Para 113, p 27.

146

Ibid, Para 114, p 27.

147

Ibid, Para 115, p 27.

148

Ibid, Para 116, p 27.

149

Ibid, Para 118, p 27.

150

Ibid, Para 119, p 28.

151

Ibid, Para 120, p 28.

152

Ibid, Para 121, p 28.

153

Ibid, Para 123, pp 28–29.

154

Ibid, Para 125, p 29.

155

OECD Directorate for Financial and Enterprise Affairs, OECD Steering Group on Corporate Governance, Corporate Governance and the Financial Crisis, Conclusions and emerging good practices to enhance implementation of the Principles, 24 February 2010, accessed 11 May 2017 at www.oecd.org/corporate/ca/corporategovernanceprinciples/44679170.pdf, (‘OECD 2010 Conclusions and Practices’), Para 42, p 15 (footnotes omitted).

156

Ibid, Para 42, p 15.

157

BCBS Guidelines 2015, above n 9, Para 126, p 30.

158

Ibid, Para 127, p 30.

159

Ibid.

160

Ibid, Para 128, p 30.

161

Ibid, Para 129, p 30.

162

Ibid, Para 131, p 30.

163

APRA Final Report, above n 14, Section 5, Issue Identification and Escalation, p 37.

164

Transparency and timing of Reporting – Monitoring Effect. See discussion in section 9.1.2.1 of Stage 1, above n 2, pp 262–263.

165

See discussion in section 2.6.5 of Stage 1, above n 2, pp 47–51.

166

See discussion in section 2.6.7 of Stage 1, above n 2, pp 51–58.

167

Board – Director Skills ‘Mix’ -–see Figure 7.2 and discussion in section 7.3.1.2.1 of Stage 1, above n 2, pp 198–201.

168

Board Independent Director: Executive Director Proportion – Monitoring Effect – see discussion in sections 7.3.2.1.1–7.3.2.1.2 of Stage 1, above 2, pp 208–212.

169

See discussion in section 2.6.2 of Stage 1, above n 2, pp 41–43.

170

Transparency and Timing of Reporting – Monitoring Effect. See discussion in section 9.1.2.1 of Stage 1, above n 2, pp 262–263.

171

APRA Final Report, above n 14, Section 5, Issue Identification and Escalation, pp 38–39.

Ibid, p 37.

Ibid.

Ibid.

Ibid.

Ibid, p 38.

Ibid, p 38.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid, p 38.

Ibid.

Ibid.

APRA Final Report, above n 14, Section 5, Issues Identification and Escalation, p 37.

186

European Commission, Green Paper, Corporate Governance in Financial Institutions and Remuneration Policies, COM(2010) 284 final, Brussels, 2 June 2010, accessed 23 March 2017 at http://www.ecgi.org/commission/documents/green_paper_com2010_284_en.pdf (‘EC Green Paper 2010’), section 5.2, p 13.

187

Ibid.

188

OECD Kirkpatrick Report 2009, above n 123, 11.

189

Ibid, 20 (footnotes omitted).

190

Ibid, 20.

191

Ibid.

192

Transparency and Timing of Reporting – Monitoring Effect. See discussion in section 9.1.2.1 of Stage 1, above n 2, pp 262–263.

193

Shann Turnbull and Michael Pirson, “The Future of Corporate Governance: Network Governance – A Lesson from the Financial Crisis”, Fordham University Schools of Business Research Paper No. 2010–010, (15 March 2010), accessed 5 April 2017 at SSRN: http://ssrn.com/abstract=1570924, 1.

194

Ibid, 3.

195

See discussion in section 9.1.2.1 of Stage 1, above n 2.

196

Ibid.

197

APRA Final Report, above n 14, section 5, Issues Identification and Escalation, section 5.2.1 Issues escalated from staff, p 39.

198

Ibid.

199

See discussion in section 9.1.2.1 of Stage 1, above n 2.

200

APRA Final Report, above n 14, section 5, Issues Identification and Escalation, section 5.2.1 Issues escalated from staff, p 40.

Ibid.

Ibid.

Ibid.

Ibid

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid, p 41.

Ibid.

Ibid.

Ibid, pp 40–41.

Ibid, p 41.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid, p 42.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Westpac Review Team 2018, above n 33, section 7.1, pp 53–57.

230

See discussion in section 9.1.2.1 of Stage 1, above n 2.

231

Westpac Review Team 2018, above n 33, section 7.1.8, p 54.

232

Ibid, section 7.1.3, p 53

233

Ibid, section 7.1.4, p 54.

234

Ibid, section 7.1.5, p 54.

235

Ibid, section 7.1.6, p 54.

236

Ibid, section 7.1.7, p 54.

237

Ibid.

238

Ibid, sections 7.1.9–7.1.10 and Recommendation G18, p 54.

239

Ibid.

240

Ibid, section 7.1.11, pp 54–55.

241

Ibid, section 7.1.12, p 55.

242

Ibid, sections 7.1.13–7.1.14 and Recommendation G19, p 55.

243

Ibid, section 7.1.15, p 55.

244

Ibid, section 7.1.16, p 55.

245

Ibid, section7.1.17 and Recommendation G20, pp 55–56.

246

Ibid, section 7.1.18, p 55.

247

Ibid, Recommendation G20, pp 55–56.

248

Ibid, section 7.1.19, p 56.

249

Ibid, Recommendation G21, p 56.

250

Ibid, section 7.1.20, p 56.

251

Ibid.

252

Ibid.

253

Ibid, section 7.1.21, p 56.

254

Ibid.

255

Ibid, section 7.1.22, pp 56–57.

256

Ibid.

257

Ibid, Recommendation G22, p 57.

258

Ibid.

259

APRA Final Report, above n 14, section 5, section 5, Issues Identification and Escalation, section 5.2.2 Issues escalated from customers, p 43.

260

Ibid.

261

See discussion in section 9.1.2.1 of Stage 1, above n 2.

262

APRA Final Report, above n 14, section 5, Issues Identification and Escalation, section 5.2.2 Issues escalated from customers, p 43.

Ibid.

Ibid.

Ibid.

Ibid.

Westpac Review Team 2018, above n 33, section 5.3.3 and Recommendation G5, p 35.

268

APRA Final Report, above n 14, section 5, Issues Identification and Escalation, section 5.2.2 Issues escalated from customers, p 43.

Ibid, p 44.

Ibid.

Ibid, p 45.

Ibid.

Ibid.

Ibid.

Westpac Review Team 2018, above n 33, section 5.3.2, p 35.

276

Ibid.

277

Ibid.

278

APRA Final Report, above n 14, section 5, Issues Identification and Escalation, section 5.2.2 Issues escalated from customers, p 44.

Ibid.

Ibid, p 45.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

See discussion in section 9.1.2.1 of Stage 1, above n 2.

295

Westpac Review Team 2018, above n 33, section 7.3.1, p 58.

296

Ibid, section 7.3.2, p 58.

297

Ibid, section 7.3.3, p 58.

298

Ibid.

299

Ibid, section 7.3.5, p 58.

300

Ibid.

301

Ibid, section 7.3.6, p 58.

302

Ibid, section 7.3.7, p 58.

303

Ibid.

304

Ibid, section 7.3.7, p 58.

305

Ibid, section 7.3.8, p 58.

306

Ibid, Recommendation G23, p 59.

307

Ibid, section 7.3.9, p 59.

308

Ibid.

309

Ibid, Recommendation G24, p 59.

310

Ibid, section 7.3.10, p 59.

311

Ibid, Recommendation G27, p 60.

312

Ibid, section 7.3.13, p 59.

313

Ibid, section 7.3.14, pp 59–60.

314

Ibid, section 7.3.15, p 60.

315

Ibid, section 7.3.11 and Recommendation G25, p 59.

316

Ibid, section 7.3.12, p 59.

317

Ibid, section 7.3.12 and Recommendation G26, p 59.

318

Ibid, section 7.3.16 and Recommendation G28, p 60.

319

Ibid.

320

Ibid, section 7.3.17, p 60.

321

Ibid, Recommendation G29, p 60.

322

Ibid, section 7.3.18, p 60.

323

Ibid.

324

Ibid, section 7.3.19, p 60.

325

Ibid.

326

APRA Final Report, above n 14, section 5, Issues Identification and Escalation, section 5.2.3 Issues escalated from regulators, p 45.

327

See discussion in section 9.1.2.1 of Stage 1, above n 2.

328

APRA Final Report, above n 14, section 5.2.3 Issues escalated from regulators, p 45.

Ibid, p 46.

Ibid.

Ibid.

Ibid.

Ibid.

See discussion in section 9.1.2.1 of Stage 1, above n 2.

335

Westpac Review Team 2018, above n 33, section 7.2.3, p 57.

336

Ibid, section 7.2.4, p 57.

337

Ibid, section 7.2.1, p 57.

338

Ibid.

339

Ibid, section 7.2.2, p 57.

340

See discussion in section 9.1.2.1 of Stage 1, above n 2.

341

Westpac Review Team 2018, above n 33, section 7.4.1, p 61.

342

Ibid.

343

Ibid, section 7.4.2, p 61.

344

Ibid, section 7.4.3, p 61.

345

Ibid.

346

Ibid, section 7.4.4 and Recommendation G30, p 61.

347

Ibid, section 7.4.5, p 61.

348

Ibid, section 7.4.6, p 61.

349

APRA Final Report, above n 14, section 6, Financial Objectives and Prioritisation, p 47.

350

Ibid.

351

Ibid.

352

Board – Director Skills ‘Mix’ – see discussion in section 7.3.1.2.1 of Stage 1, above n 2, pp 198–201.

353

Ibid.

354

APRA Final Report, above n 14, section 6, Financial Objectives and Prioritisation, section 6.2.1, Investment prioritisation, p 49.

Ibid.

Ibid.

Ibid, p 50.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid, p 51.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid, p 52.

Ibid.

Ibid.

Ibid, Recommendation 20, p 53.

374

Ibid, p 53.

375

Ibid, Recommendation 20, p 53.

376

Ibid, Recommendation 21, p 55.

377

Compliance Factor No 2 is discussed in section 2.6.2 of Stage 1, above n 2, pp 41–43.

378

BCBS Guidelines 2015, above n 9, Para 132, p 31.

379

Ibid, Para 135, p 31.

380

Ibid, Para 136, p 31.

381

Ibid, Para 137, p 31.

382

Board – Director Skills ‘Mix’ – see discussion in section 7.3.1.2.1 of Stage 1, above n 2, pp 198–201.

383

Ibid.

384

See discussion in section 9.1.2.1 of Stage 1, above n 2.

385

Transparency and Timing of Reporting – Monitoring Effect. See discussion in section 9.1.2.1 of Stage 1, above n 2, pp 262–263.

386

See discussion in section 2.6.5 of Stage 1, above n 2, pp 47–51.

387

See discussion in section 2.6.7 of Stage 1, above n 2, pp 51–58.

388

Board – Director Skills ‘Mix’ – see Figure 7.2 and discussion in section 7.3.1.2.1 of Stage 1, above n 2, pp 198–201.

389

Board Independent Director: Executive Director Proportion – Monitoring Effect – see discussion in sections 7.3.2.1.1–7.3.2.1.2 of Stage 1, above 2, pp 208–212.

390

See discussion in section 2.6.2 of Stage 1, above n 2, pp 41–43.

391

See discussion in section 2.6.8 of Stage 1, above n 2, pp 54–59.

392

APRA Final Report, above n 14, section 7, Accountability, pp 58–64.

Ibid, p 57.

Ibid, p 58.

Ibid, p 59.

Ibid, section 7.2.1, Trust and over-consulting, p 59.

397

Ibid.

398

Ibid, section 7.2.2, Consequences of the federated organisational structure, p 59.

Ibid.

Ibid, p 60.

Ibid.

Ibid, p 60.

Ibid.

Ibid.

Ibid.

Ibid, section 7.2.3, Limited appetite to apply consequence management, p 61.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid, p 62.

Ibid.

Ibid.

Ibid.

Ibid.

Ibid, Figure 5: Accountability Principles, p 64.

Titel: The Risk Management Function
verfasst von: Francesco de Zwart
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_45

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