Microsoft Word - instructions CASE STUDY.docx AFIN8003 CASE STUDY (25%) DUE: 5pm Friday 16 October Instructions Each student will write an individual Case Study report about issues raised in the APRA...

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Answered Same DayOct 14, 2021AFIN8003Macquaire University

Answer To: Microsoft Word - instructions CASE STUDY.docx AFIN8003 CASE STUDY (25%) DUE: 5pm Friday 16 October...

Sarabjeet answered on Oct 15 2021
150 Votes
Financial Issues
TYPES OF PROBLEMS IDENTIFIED
The group recognized these main issues in the operation of the BOD:-Initially, AFRA found that there were certain control flaws in the operation of the board of directors, so the board of directors lacked sufficient rigor and urgency. Second, the expert group found that the board
of directors and its committees lacked supervision or evaluation of the management of the non-financial threats (including operational risks, compliance risks, and behavioral risks). Third, at the executive committee level, the accountability system is not clear and lacks a sense of accountability for key risks. Fourth, an overly complex and bureaucratic decision-making process tends to cooperate effectively and achieve results in a timely and effective manner, which hinders the identification of risk failure. Fifth, with the support of immature and resource-poor compliance functions, the "operational nail bead risk management" framework performs better on paper than in practice. Sixth, the weaknesses in decision-making through organizational decisions, issues, accidents and risks, and the subsequent lack of urgency for management as well as resolution.
PROBLEMS WITHIN FINANCIAL INTERMEDIARIES
I can aspect these issues to the accountability, culture, or governance practices of economic intermediaries. In terms of governance, the BOD acting throughout senior management is fully answerable for making sure that the bank preserves successful AML or bank secrecy laws (BSA), which are inner control structures that include monitoring or reporting suspicious as well as fraudulent activities Nevertheless, the CBA board has shown a lack of urgency to ensure early mitigation and detection of problems and risks. According to the explanation of the AUSTRAC operation, CBA agreed to fail to report suspicious transactions to the relevant authorities promptly. The basic functions of accountability include providing public oversight, strengthening governance, and increasing as well as defending legitimacy.
IMPACT ON FINANCIAL INTERMEDIARIES AND THEIR CUSTOMERS
The above issues may affect the performance of economic intermediaries. The trust of many investors is the key to the company's ability to compete for funds. For these reasons, the research points out that consumers use ethical consumption to prove their concern for the research on the ethical behavior of organizations. Additionally, due to the lack of financial funds to expand the business and increase the scale of the economy, corporate governance is considered to improve the company in terms of investment hindered growth, while inefficient governance is less competitive. On another hand, ethical problems for example misleading bills or misleading customers have created common inhibitory factors, and consumers have lost their trust and confidence in protecting the funds of their business activities. In this case, financial intermediaries will experience savings moreover financial transactions with banks. Additionally, financial intermediaries are characterized by inadequate and insufficient execution agency resources, lack of consistent transparency, and are vulnerable to litigation risks. These companies eventually paid millions of dollars in court cases and...
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