Banks, wealth firms told to bolster internal policing of risk culture

Press/Media: Expert Comment

Description

Banks, wealth managers and super funds have been issued with new guidance to ensure their internal audit teams get respect and resources, and focus more on risk culture to avoid failings exposed by the Hayne royal commission and AUSTRAC litigation against Westpac and Commonwealth Bank.

The Institute of Internal Auditors Australia's new practice guide calls for the scope of internal auditor teams to be "unrestricted and organisationwide", staffed by senior people able to challenge management. 

Period26 Nov 2020

Media contributions

1

Media contributions

  • TitleBanks, wealth firms told to bolster internal policing of risk culture
    Degree of recognitionNational
    Media name/outletAustralian Financial Review
    Media typeWeb
    CountryAustralia
    Date26/11/20
    DescriptionBanks, wealth managers and super funds have been issued with new guidance to ensure their internal audit teams get respect and resources, and focus more on risk culture to avoid failings exposed by the Hayne royal commission and AUSTRAC litigation against Westpac and Commonwealth Bank.

    The Institute of Internal Auditors Australia's new practice guide calls for the scope of internal auditor teams to be "unrestricted and organisationwide", staffed by senior people able to challenge management.
    Producer/AuthorJames Eyers - Senior Reporter
    URLhttps://www.afr.com/companies/financial-services/banks-wealth-firms-told-to-bolster-internal-policing-of-risk-culture-20201125-p56hqv
    PersonsElizabeth Sheedy