Do we expect our boards to be role models? Will the current behaviour we have seen and continue to see identified in Royal Commissions and Inquiries have an impact on young people in society? Can boards in the financial services sector turn around the damaging lack of trust we continue to see displayed daily, despite the Banking Royal Commission. From personal experience only just last week, at least one financial institution is churning financial products indiscriminately. Nikki Gemmell in the Weekend Australian Magazine highlights the impact this lack of trust may have or will have on school children. As she points out, “…The time is ripe for a new, ethical model of banking…” and “…trust is a precious commodity and it’s not meant to be exploited…”.
And, what are the chances that trust in the aged care industry will become as big an issue, if not bigger when the Royal Commission into Aged Care Quality and Safety commences to take evidence? We at Effective Governance can help boards renew trust in organisations and identify where ethics and culture can be refreshed.
As the pre-eminent governance and corporate culture advisors in Australia, we have the expertise and demonstrated achievements across Australia to provide the solutions for boards to excel. In fact, we have developed Australia’s first Corporate Culture and People Risk Diagnostic specifically designed to assist boards to review culture and the underlying risks inherent in human behaviour when operating outside of desired cultural norms. The diagnostic allows boards to implement a more robust governance framework that not only provides oversight for financial, regulatory and strategic risks, but also monitors the sometimes (when we are not looking) less visible risks within people and social systems.