Thriving in an increasingly complex environment

In the period between the Global Financial Crisis (2007-09) and the Hayne Banking Royal Commission (2018-19), perceptions of the financial services industry in general, and banks in particular, changed considerably.

Until recently, the main measure of success for a major listed company centred on increasing dividends and share price appreciation. In this aspect, major Australian financial institutions have been successful businesses. Important processes, such as the oversight of financial risk, were mostly fit for that purpose, well documented and managed.

However, the ‘purpose’ of an institution has been redefined, and organisations are now recognising their responsibilities are to a broader set of stakeholders than just simply shareholders and extend to employees, community, customers, suppliers and regulators.

Evidence that the role of Boards now typically includes much more than a focus on shareholder returns is found in large Australian financial institutions' Board Charters, which include meeting non-financial objectives associated with maintaining a ‘social licence’.

Our Advisory practice is committed to helping organisations evolve their business models and thrive within an increasingly complex environment. We seek to simplify the complexities faced by your organisation and help you understand, manage and maintain your compliance obligations that are aligned to industry best practice. Contact us here.