Evolving with the customer: our views on remediation requirements in Australia

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Evolving with the customer: our views on remediation requirements in Australia

Trust transformed. Remediation redefined.

As the financial services sector looks to rebuild trust with its customers, remediation activities will continue to be a focus for organisations. To design and deliver fair remediation, organisations must put their customers at the centre of their decision making.

In November 2020, ASIC released its consultation paper 335, Customer Remediation: Update to RG 256 (CP 335) looking to update guidance that was designed for remediation of financial advice matters to make it more broadly relevant for all financial services organisations as they identify and respond to misconduct, error or compliance failings.

This paper explores the elements that are fundamental to customer centric remediation: remediation that has been designed with the issue in mind and that is efficient, fair, and puts money back into the hands of the customer.

We discuss:

  • The importance of regulatory guidance that is agnostic of the remediation issue but provides a strong framework that enables organisations to confidently embark on remediation, knowing that they are meeting ASIC’s expectations and those of the community
  • Good governance and leadership that enables effective decision making and brings strong accountability for customer centric outcomes in remediation.
  • How organisations can leverage the learnings from remediation and apply them to enable the mistakes of the past to be fixed and to build stronger internal frameworks.

When organisations uncover an issue or incident within its operations, it is no longer acceptable not to act. As part of these actions, remediation will become more common place.
 

How can we assist you?

Design of Review & Remediation Methodologies: We co-design with our clients bespoke and pragmatic review and remediation programs that reflect the organisation’s particular circumstances.

Remediation Assurance / Independent Expert: In these engagements, we provide an independent test and challenge of the design and operating effectiveness of the remediation program, against a robust criteria.

Managed services: Our team design, build, and stand up bespoke remediation programs for organisations. Using proven methodologies and intelligent processing we draw from hundreds of use cases to distil and tailor solutions specific to our client’s situation.

Advisory services: We can work with you to perform a root cause analysis of your remediation issue, enabling you to gain actionable insights to reduce the likelihood of these issues arising again. Our team perform remediation operating model reviews, remediation design and implementation, business process/control assessments, as well as data advisory. We have expertise in proactive monitoring and supervision activities, and can assist you in improving your operating models and risk frameworks to embed operational conduct.

Published: May 2021

Evolving with the customer

our views on remediation requirements in Australia

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