Accountability of leaders within financial institutions has been a major focus for industry, regulators and governments since the global financial crisis. The Australian government’s introduction of the Bank Executive Accountability Regime (BEAR) requires authorised deposit-taking institutions to formalise and institutionalise an accountability framework for senior executives and directors.
At Rhizome we view BEAR, and the increasing focus on accountability across the entire financial sector, as a significant opportunity to integrate accountability principles across a financial institution’s key business practices. Done well, the implementation of BEAR can reinforce strong risk management, enhance the impact of incentive arrangements, and help foster a sound risk culture. In combination, these outcomes will enhance the effectiveness of an institution’s governance.
Our multi-disciplinary approach, combined with our deep regulatory experience in the fields of governance and accountability, means Rhizome is uniquely positioned to advise financial institutions on how best to calibrate their accountability frameworks. We help institutions ensure their governance is demonstrably strengthened by their accountability frameworks, while also meeting the requirements of BEAR.