Categories
- ACTUARIAL DATA SCIENCE
- AFIR / ERM / RISK
- ASTIN / NON-LIFE
- BANKING / FINANCE
- DIVERSITY & INCLUSION
- EDUCATION
- HEALTH
- IACA / CONSULTING
- LIFE
- PENSIONS
- PROFESSIONALISM
- Thought Leadership
- MISC
The 2018 Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Royal Commission) provided important case studies into conduct risk and it’s link to risk culture. One particular conduct risk event identified at the Royal Commission was the systemic charging for financial advice that was not actually being provided to the customer. The event has cost the industry over $1b in remediation payments to customers, has cost the jobs of some of the industry’s most senior executives and commented critically on the proactivity of regulators in dealing with the issue. This presentation will explore the context and ERM related learnings from this issue and the importance of financial services conduct risk management.
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