Discussion Paper on Responsibility MappingRelease Date: 23 Feb 2018
The Bank today issued a discussion paper on Responsibility Mapping which sets out its thinking for a framework relating to responsibilities of individuals holding senior leadership positions in financial institutions.
Organisational culture flows from the values established by the leaders of financial institutions, through their actions, decisions and attitudes. Given this significant influence, the Corporate Governance standards require the board and senior management to promote a sound corporate culture which reinforces ethical, prudent and professional behaviour. Building on this, the Bank intends to develop a framework to clarify the roles, responsibilities and accountability of individuals in senior roles. The Bank believes that such a framework will incentivise these individuals to take greater ownership in fostering a sound culture and addressing misconduct risk. To this end, this discussion paper sets out broad ideas for:-
- identifying the senior roles within each financial institution;
- assigning responsibilities of the senior roles to specific individuals; and
- holding individuals in senior roles to account.
The Bank invites written feedback on this discussion paper, particularly on the specific questions raised throughout the document. Responses may include suggestions on areas to be clarified or alternatives that the Bank should consider. To facilitate an effective consultation process, the feedback should be supported with clear reasons, including accompanying evidence or illustrations where appropriate.
Responses must be submitted to the Bank by 20 April 2018.
See also: Attachment
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