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Values and culture: lessons from the Banking Royal Commission

The final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was released on 1 February 2019. The findings and regulatory changes have profound implications for the financial services industry, with a clear focus on re-placing consumers at the centre of financial products design, sale and delivery, from frontline to back-office, at all levels of the organisations. The banking enquiry highlighted how trust in financial industry has declined significantly in the past year. Will organisations with superior SLO be the winners of the future?

Climate change and environmental sustainability

As the expectations of society increase in the 21st century, businesses know they must do better to explain their contribution and purpose beyond delivering economic value to shareholder. Following on the Paris climate change agreement signed in 2016, more and more shareholders and critical stakeholders require businesses to demonstrate how they support the effort against climate change.
How does a business build a case for climate change or sustainability initiatives that balances economics, stakeholders’ expectations and reputational risks?

Modern slavery and supply chain risk

Australia has passed the Modern Slavery Bill in 2018, effective on 1 January 2019. The Bill establishes a Modern Slavery Reporting Requirement for certain large businesses and other entities in Australia to issue annual public reports (Modern Slavery Statements) on their actions to address modern slavery risks in their operations and supply chains. How can companies ensure that they retain sufficient visibility throughout increasingly complex supply chains?

Diversity and Inclusion

Today's workforce comprises people from all manner of cultural, ethnic, religious and national backgrounds and identities. Cultural diversity, cultural capability, and global experience in senior executive ranks are increasingly being recognised as valuable, sought after assets. A culturally diverse and capable leadership team can assist an organisation to broaden its strategic perspective, identify and enter new local and global markets, innovate, achieve business goals in culturally diverse business settings, and generate high performing multi-national and multicultural teams. But a perception remains of significant underrepresentation of cultural diversity in the senior leadership of Australian organisations. Our society does not yet appear to be making the most of its diverse talents. What concrete steps businesses can take to improve the representation of cultural diversity in their workforce and amongst their leaders?

Community engagement

Social licence is often conceived of as a single authorisation granted by a 'community'. In practice, it is an elusive and vulnerable concept that is rooted in the ever-evolving beliefs, perceptions and opinions of the local population and other stakeholders. How does community engagement play a role in achieving social licence and what are the best processes and practices in developing the trust required to obtain and maintain a social licence to operate? 

Data Protection & Privacy

The volume and type of data held by public and private sectors is growing exponentially and there is potential to create more value by effectively sharing and using many types of data, including open data and personal data. Whether or not a company has technical or legal license to use data, social licence is about whether society deems this use to be acceptable. And to gain social licence for data use/sharing, an organisation or industry needs to deliver and communicate the benefits to their users. When people trust that their data will be used as they have agreed, and accept that enough value will be created, they are likely to be more comfortable with its use.

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