(PDF) Royal commissions and policy influence

Added on - 21 Apr 2021

  • 13

    Pages

  • 3128

    Words

  • 10

    Views

  • 0

    Downloads

Trusted by +2 million users,
1000+ happy students everyday
Showing pages 1 to 4 of 13 pages
Running head: ROYAL COMMISSIONRoyal CommissionName of the StudentName of the UniversityAuthor Note
1ROYAL COMMISSIONExecutive SummaryThis report highlights the functioning of the Royal Commission in Australia. The RoyalCommission has set a code of ethical protocols to be followed by the financial sectors,banking and superannuation industry. One of the investigations done by the RoyalCommission of an insurance company is discussed. The company breached the professionalcode of ethics to sell its customers several insurance policies. Thus the discussion will aid inbetter understanding of the watchdog body and its function to maintain ethics inorganizations.
2ROYAL COMMISSIONTable of ContentsIntroduction................................................................................................................................3Freedom Insurance Group Limited............................................................................................4Case Study Evaluation...............................................................................................................5Theory of ethics..........................................................................................................................7Conclusion..................................................................................................................................9References................................................................................................................................11
3ROYAL COMMISSIONIntroductionThe Royal Commission into Misconduct in the banking, Superannuation and financialservices industry which is known as Hayne Royal Commission and the Banking RoyalCommission is a commission established by the government of Australia to probe enquiryand identify misconduct in the financial and banking superannuation service industry. JusticeK.M Hayne was the commissioner for the tenure. The final report released by the RoyalCommission highlighted the major failures in governance of arrangements, organizationalcustoms and in the remuneration system. The commission examined misconducts in thesesectors. Justice Hayne believed that investigation conducted in any of the sector will reinforceimprovement of the other arenas and gradually minimize the risks of future misconducts.Hayne insists upon the importance of role play in supervising the culture, remuneration andgovernance of an organization to bring about change and reduction in intrinsic misconducts(Telfer, 2017). Non financial risks are also considered under supervision of entities. The finalreport throws light on various other entities like to initiate the proper information flow andchallenge management to help the board in easy discharge of duties. The Royal commissionwill need the board to consider methods improve governance using appropriate metrics toidentify lag indicators, the right stakeholder s to engage with and other external independentsupport if required (royalcommission, 2019). The report presented by the commission laysdown distinctive principals, which the board must clearly abide by. The principals include:proper management of challenges, the right to satisfy and receive information which will helpthem in deciding in a complex situation. Measurement of the corporate arena and monitorgovernance to provide oversight of different kind of risks including both financial as well asnon-financial risks is also mentioned (Bulmer, 2015). Hayne’s recommendations in the finalreport are well supported by the AICD which includes the periodic assessment of governanceand culture (Coleman, 2016). The report contains no such recommendation that will lead to
desklib-logo
You’re reading a preview
Preview Documents

To View Complete Document

Click the button to download
Subscribe to our plans

Download This Document