Boards of financial service organisations must be having this conversation in a post Royal Commission environment. Boards must then articulate the outcomes of these conversations in the organisations Risk Appetite Statement providing guidance to the business.
Traditionally, statements from the Board in risk appetites covering compliance would be to ”comply with all legal obligations” or similar.
Commissioner Hayne’s 1st and 3rd norms of conduct, “obey the law” and ”act fairly” combine to form a powerful risk appetite statement that shifts the thinking from compliance processes to behaviours and conduct – ”Obey the law and act fairly”.
At CertFair we have a view that being consciously fair leads to consciously building consumer trust. This requires going beyond compliance so that financial services organisations are “fair” in the eyes and experience of customers, regulators and the community.
Being fair is not a process of osmosis. CertFair provides an organisation with a roadmap to being fair, through a consumer lens. Contact us today.