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NAB and ASIC Failures in Issue Identification, Escalation and Resolution

In: The Key Code and Advanced Handbook for the Governance and Supervision of Banks in Australia

Author

Listed:
  • Francesco de Zwart

    (University of Adelaide)

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’.

Suggested Citation

  • Francesco de Zwart, 2022. "NAB and ASIC Failures in Issue Identification, Escalation and Resolution," Springer Books, in: The Key Code and Advanced Handbook for the Governance and Supervision of Banks in Australia, edition 1, chapter 0, pages 1045-1062, Springer.
    • Handle: RePEc:spr:sprchp:978-981-16-1710-2_39
    DOI: 10.1007/978-981-16-1710-2_39
    as

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