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Hayne’s question around whether the conduct of organisation is fitting with community standards is something all businesses, not just financial services, need to pay attention to.
Businesses who aren’t taking the ethics lessons learned from the Banking Royal Commission and the Hayne report into their organisations are missing a trick.
Speaking at StrategicRISK’s Risk Form Australia, Dr Deen Sanders, Deloitte warned delegates all regulators are ”All widening their gaze”.
Sanders also said that the risk for organisations lays in ignoring customer dissatisfaction and letting it continue to a point where regulators become involved. “Don’t let it get to this point because the regulators will find you.”
Sanders said government interest in standards and professionalism of all types of organsations is not something that can be ignored.
Hayne’s question around whether the conduct of organisation is fitting with community standards is something all businesses, not just financial services, need to pay attention to.
Sanders told delegates risk managers need to ”sit up and take notice” of Hayne’s six norms of conduct.
Prioritisation of duties must focus on those who businesses have a duty to act in the best interest of, Sanders stressed, adding many businesses fail to do this which is where ethical failures occur.
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