The Banking Executive Accountability Regime (BEAR) set out in Part IIAA of the Banking Act 1959, was introduced in February 2018.
This commenced on 1 July 2018 for large authorised deposit-taking institutions (ADIs) and is due to commence on 1 July 2019 for medium and small ADIs.
The regime establishes accountability obligations for ADIs and their senior executives and directors. It also establishes deferred remuneration, key personnel and notification obligations for ADIs.
CONTACT Claire Gilmartin
Partner - Audit & Assurance
Key questions to ask
- Do you fully understand your accountabilities and what actions are expected of you in terms of those accountabilities?
- Does your Accountability Statement accurately reflect your responsibilities for activities and operations within the ADI or ADI Group?
- Do you feel fully informed regarding your obligations as an Accountable Person?
- Are you aware of the impact BEAR may have on your variable remuneration?
- Are you aware of who to speak to within your organisation about BEAR?