NAB and ASIC Failures in Issue Identification, Escalation and Resolution

Francesco de Zwart
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Francesco de Zwart: University of Adelaide

Chapter Chapter 39 in The Key Code and Advanced Handbook for the Governance and Supervision of Banks in Australia, 2022, pp 1045-1062 from Springer

Abstract: Abstract This chapter examines NAB failures in issue identification, escalation and resolution and the ASIC Governance Taskforce 2019 findings on ‘information flows’. We begin with NAB’s failure to escalate problems or ‘red flags’ – in general – giving rise to deficiencies in the flow of information upward through the bank to senior management and/or the board. NAB then identifies a wide range of issues that we convert to governance variables for: operational risk management policy; monitoring and reporting of issues, events and actions; compliance breach assessment and reporting; audit and regulatory issues; the whistleblower program; complaints reporting; significant issues; the customer remediation procedure; management of ‘excessive’ risks; regulatory engagement; breach reporting; voice of the customer in issue management; complex issue management and closure; resolving customer complaints; customer remediation; and regulatory interactions. We conclude with the ASIC Governance Taskforce 2019 findings on ‘information flows’.

Keywords: Issue identification; Information flow and escalation of problems and red flags; Resolution; Operational risk management policy; Monitoring and reporting of issues; events and actions; Compliance breach assessment and reporting; Whistleblower program; Customer complaints and remediation; Regulatory engagement; Complex issue management and closure (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-16-1710-2_39

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DOI: 10.1007/978-981-16-1710-2_39

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