Chronic Ease?

Findings of the recent inquiry by APRA (Australian Prudential Regulation Authority) into aspects of governance, culture and accountability are likely to have far reaching implications not just for financial services, but for all sectors and organisational leadership on both sides of the Tasman.

How prevalent are the challenges scrutinised by regulatory bodies and media? Is it more systemic and a 'corporate virus of chronic ease' as suggested, or isolated incidents specific to a handful of companies?

At our PwC New Zealand NED Programme event on 30 July 2018, we explored some of the key themes of the APRA inquiry and challenged ourselves about the practical implications for local boards. One of the key take-outs is the opportunity for NZ boards to re-evaluate their own approach to operational risk - championing the spirit of the law, not simply the letter of the law in guiding their governance models. There are likely many relevant take-outs for your board from the inquiry, but as is often the case, the most important step is in simply making a start - identifying an obvious area of focus for your next board discussions.

You'll find an overview of key event insights in our brief video. To further explore related insights for boards, please feel free to connect with Andy Symons, Chloe Gallagher or Michele Embling.