The Macquarie Business School has published a research paper Regulating Accountability: An Early Look at the Banking Executive Accountability Regime (BEAR) by Elizabeth A. Sheedy and Dominic Canestrari-Soh.
The research examines the experiences of ADIs in implementing the BEAR. The research specifically considers benefits and drawbacks of the BEAR and moderators that might prevent it from achieving its goals.
The paper was discussed by the authors at a webinar which is available on YouTube.
The webinar includes a presentation and comments by Stuart Bingham from APRA who spoke about APRA’s large ADI BEAR implementation review.
He also noted that, as announced in APRA’s recent Policy Priorities Paper, subject to the finalisation of the Financial Accountability Regime, APRA plans to revise Prudential Standard CPS 520 Fit and Proper (CPS 520). This will align the legislative requirements under FAR and the prudential standard requirements under CPS 520 (Fit and Proper Persons).
Separately Elizabeth Sheedy was interviewed on a podcast that focussed on accountability in large organisations.
The podcast discusses human behaviour issues and in particular demonstrates how decisions are made and how accountability results in more thoughtful delegation and supervision as well as more care, skill, and diligence by executives.
Elizabeth A. Sheedy concludes that accountability cuts through organisation charts, internal corporate structure, and job titles.
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Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.