Congratulations to David Locke, a good friend of Effective Governance, the Chief Executive Officer and Chief Ombudsman at the Australian Financial Complaints Authority (AFCA) which commenced operations today, Thursday 1 November 2018. David knows the value of good governance, robust ethical culture and providing high quality service to consumers of financial products. Having a distinguished career regulating charities in the UK and Australia David understands that quick resolution of disputes is critical. The fallout from the Banking Royal Commission will provide AFCA with significant inquiries from today and it will be interesting to see if financial institutions are prepared to work with AFCA to resolve complaints and inquiries. With new powers and an umpire prepared to send off those not prepared to play the game fairly, boards need to work with AFCA to resolve consumer complaints, but more importantly drive a culture that ensures consumers of their financial products are receiving the best advice and service.
We at Effective Governance can help you do that. As the pre-eminent governance and corporate culture advisors in Australia, we have the expertise and demonstrated achievements across the financial services professions 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.