Series 9, Episode 5: Does Australia's senior management accountability go FAR enough?

Australian financial institutions and their senior executives are preparing for a new Financial Accountability Regime, which will bring in a UK-style framework for senior management accountability. Under the Financial Accountability Regime (FAR), institutions will need to establish an accountability map for their directors and senior executives along with an array of conduct and compliance obligations. The object of the FAR is to impose a tougher accountability framework for the banking, insurance and superannuation industries and their directors and most senior and influential executives. Financial institutions will need to understand the requirements of the legislation and executive need to understand how they may be held accountable for their decisions and compliance failures. But will the laws be effective? Do they lack teeth? And will they genuinely improve conduct across the financial sector, in line with the recommendations of the Financial Services Royal Commission. In this episode of Compliance Clarified we have Nathan Lynch, Asia-Pacific manager for Thomson Reuters Regulatory Intelligence (TRRI), in discussion with Niall Coburn, a TRRI regulatory expert based in Brisbane, Australia.Related Reading:IMPACT ANALYSIS: Financial Accountability Regime looming for Australian firms and their senior executives: http://go-ri.tr.com/HxMybvIMPACT ANALYSIS: Australia regulators preparing for Financial Accountability Regime — firms on notice: http://go-ri.tr.com/He0KT6Regulators to continue focus on holding individuals to account, despite mixed results of previous years: http://go-ri.tr.com/s65YX4PERSONAL ACCOUNTABILITY: Poking the BEAR - Australia striving for executive accountability: http://go-ri.tr.com/VzqezaDevelopments in individual accountability: UK, Australia and Hong Kong: http://go-ri.tr.com/bDgqX1OPINION: Senior manager regimes: reasonableness the flaw to accountability: http://go-ri.tr.com/UH1x7U Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.