Government and Regulators
The Bank has a number of practices and policies in place that meet the requirements of regulators, industry bodies and stakeholders. Enhanced risk management, greater employee satisfaction and customer loyalty are just some of the added benefits the Bank recognises when complying with these requirements.
BOQ’s Board of Directors are responsible for the overall corporate governance of the Bank. The Board Charter sets out the key governance principles adopted by the Board.
One key commitment of the Board is excellence in corporate governance which is supported by the Principles of Good Corporate Governance and Best Practice Recommendations developed by the Australian Securities Exchange’s Corporate Governance Council. These principles, together with the oversight of the Bank’s Audit and Risk Committee, establish the framework of how the Board carries out its obligations.
At BOQ, a cooperative approach to managing relationships with regulators is taken. Regulatory obligations are met by:
(a) complying with the requirements of the law, regulatory policy statements, industry codes of practice and organisational standards that are relevant to our business, not simply because it is required, but because it is the right thing to do.
(b) proactively identifying compliance issues impacting on the Bank and establishing compliance systems and procedures to effectively and efficiently address these compliance issues. This includes the continual development and implementation of the Bank’s education and training program, communication program, monitoring and review program and reporting processes for compliance.
(c) ensuring that the Bank is kept up-to-date with developments in compliance requirements impacting on our business.
(d) that all employees actively participate in education and training programs and in the development and implementation of relevant compliance systems and procedures. Employees share relevant information on compliance issues and endorse and support a culture of compliance.
Our regulators include:
The Australian Competition and Consumer Commission (ACCC)
Australian Securities and Investments Commission (ASIC)
The Australian Securities Exchange (ASX)
The Australian Prudential Regulation Authority (APRA)
The Reserve Bank of Australia (RBA)
The Australian Transaction Reports and Analysis Centre (AUSTRAC)