Banking Act 1959

Part IIAA - The Banking Executive Accountability Regime  

Division 2 - Accountability obligations  

SECTION 37CB   37CB   Taking reasonable steps  

Without limiting what constitutes the taking of reasonable steps in relation to a matter for the purposes of this Division, the taking of reasonable steps in relation to that matter includes having:

(a) appropriate governance, control and risk management in relation to that matter; and

(b) safeguards against inappropriate delegations of responsibility in relation to that matter; and

(c) appropriate procedures for identifying and remediating problems that arise or may arise in relation to that matter.


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