Deloitte is Australia’s undisputed leader in customer remediation managed solutions and has supported the delivery of dozens of Australia’s highest profile and largest remediation programs. Recently, Deloitte Managed Solutions (DMS) has undertaken a root-cause scan across these programs and identified over 70 discreet issues that have helped contribute to behaviours that resulted in the eventual need for customer remediation.
It is often said that those who forget the past are destined to repeat it. As Australian businesses touched by the 2017-19 Hayne Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry move beyond remediation of past misconduct to preventing it in the future, it is imperative that businesses reflect on these historical issues and assure that governance and controls are now in place to address those issues consistently and completely going forward.
Leading businesses are not leaving the future to chance. Instead, we see leading businesses undertaking self-examination across that broad range of potential misconduct issues. They then capture and strengthen the related governance and control frameworks. This article has selected three common illustrative examples of misconduct issues that resulted in the need for customer remediation, and the steps businesses have taken to address those issues.
The above are just a few of many illustrative issues that businesses are addressing to prevent future misconduct –regulators and society alike will give little leeway to businesses that fail to take issues identified in the Royal Commission to heart.
DMS is playing a key role in helping Australian businesses move forward with confidence that they have consistently and comprehensively addressed relevant risks of misconduct – and that their regained trust from customers is well placed in their business.