Striking the right balance between culture, incentives and processes is becoming critical for all financial services providers in Australia as regulators increase their scrutiny in these areas. But beyond compliance, having a good culture is also just good for business. Tas Bindi explores further.
Establishing a strong organisational culture is about identifying values, embedding them into action, and reassessing and revising them to ensure adaptability and resilience at a time of change. Over time, an ethical, customer-focused culture can shield a business against financial, legal and reputational risks, while enhancing the overall performance and longevity of a business.
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