The long-awaited FAR bill has been passed by parliament and will have impacts across the financial services sector. FAR replaces the Banking Executive Accountability Regime (BEAR) and extends to insurance and superannuation industries.
The breadth of this regime will mean that implementation will likely be time consuming and require considerable change management across your organisation. To meet implementation timelines and to aid culture-change you may also require heavy consultation and aided stakeholder engagement.
“Clients often under-estimate the breadth of the regime. Getting the FAR mobilisation framework right within organisations will help to quickly establish responsibilities and accountabilities and foster collaboration across functions. “ – Annette Hang, Partner, Talent Solutions at Aon