The replacement of the Banking Executive Accountability Regime (BEAR) with the Financial Accountability Regime (FAR) which came into effect in March this year, provides us with a timely reminder of the financial, personal, professional and legal consequences of organisational failures. As a senior executive who may have already prepared and signed an Accountability Statement for APRA, it is understandable that you might be asking yourself “what could all this mean for me?”
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The introduction of the Financial Accountability Regime (FAR) presents a choice to financial institutions when approaching the requirements – adopt FAR as an additional risk and compliance activity or embrace it as an opportunity to accelerate organisational performance. Our view is that implementing FAR can and should be value-creating, through adoption of robust organisation effectiveness practices.
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Considering as many as 70 per cent of technology-led programs fail, odds aren’t in your favour. Yet as the transition to cloud-based solutions becomes an increasing necessity, the interest and opportunity to transform business through technology is unprecedented.
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Change is an inevitable part of life. From small adjustments in our daily routines to major shifts in how we need to perform our jobs, change surrounds us constantly. However, despite its inevitability, many of us find ourselves resisting change at one point or another.
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Ultimately, the success of a change management program hinges on more than just the change itself—it depends on how well organisations understand and manage the impacts of change for their people.
Understanding change impacts is not just important—it's essential for driving successful change management programs and positioning organisations for long-term success.
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Australia is currently faced with a challenging economic environment, defined by global uncertainty, high interest rates, rampant inflation, and the risk of a recession looming large. As a result, Victorian Government departments face significant budget cuts. Heads of Departments now face the daunting task of reducing costs, while simultaneously maintaining performance, or in some cases improving performance.
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In an age of time-poor stakeholders dealing with engagement overload, it’s more important than ever to create content that speaks to your audience, not at them. This blog looks at the dos and don’ts of writing stakeholder communications. These can be applied to everything from an email to a colleague, to go-live comms’ for a system implementation.
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As organisations address the need to comply with APRA’s Financial Accountability Regime (FAR) requirements, consideration turns to the inevitable question – what now? In our discussions with clients, a common theme that emerges revolves around how to organise and resource the ‘Office of the FAR’.
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