The BEAR awakens
The Banking Executive Accountability Regime (BEAR) will be implemented in stages from as early as 1 July 2018.
Authorised deposit-taking institutions (ADIs), their subsidiaries, Australian branches of foreign ADIs, and those in director and senior executive roles in these institutions will be required to meet heightened accountability obligations in addition to deferred remuneration and notification obligations.
Further guidance on implementation and transitional arrangements will be released by the Australian Prudential Regulation Authority (APRA).
BEAR will significantly impact many aspects of your organisation. Regardless of your size, you may need to conduct a comprehensive review of and make substantial changes to your policies and procedures relating to governance, employment, compliance/risk and training.
We anticipate the Government expanding BEAR to all other financial services entities. Accordingly, we also recommend that the broader financial services industry become BEAR ready.
To discuss how BEAR affects you and your business, submit a contact request via our online form.
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