Anyone who has picked up a paper, turned on a television or listened to the radio this week will have been hit by a tidal wave of commentary on the outcomes of The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Released on Monday, the first wave of coverage to reach our eyes and ears was all about the facts, as media analysed the statements and recommendations handed down in Haynes 1,000 page-plus report into the conduct of some of the largest and most important organisations in corporate Australia, the banks.
Right now though, we are in the response phase – where those most directly impacted by the report (the banks) are responding to the claims made against them and declaring their support (or opposition) of the recommendations.
While it’s true that it was the banking sector that was placed under the microscope in the Royal Commissions review, the themes of a customer-centric model, professional conduct, culture, leadership and responsible/ethical corporate behaviour are ones that many sectors can relate to.
In the following days and weeks we can expect the narrative regarding the Banking Royal Commission to evolve again, as the broader implications and impact of the report are explored and dissected.
This analytical phase offers opportunities for those outside of the immediate banking sector to embrace change and challenge the norms of leadership and culture across corporate Australia and offer a new perspective on corporate best practice.
Whether it’s a blog, byline or available for comment – it’s an important time for organisations to play a part and have a voice in shaping the future of business in Australia.
Need help pinning your ideas down? Ask the team at IMPACT how they can help create content to share your organisation’s position on this important topics.