Transparency International launches self-assessment for NZ financial organisations

Transparency International New Zealand (TINZ) has launched its FISA online self-assessment, which will help financial institutions examine how well they implement integrity practices that shape and strengthen culture and conduct.

The self-assessment can be taken by banks, insurers, KiwiSaver providers, credit unions, building societies, and related financial institutions such as trust companies and fund managers. It can be accessed via TINZ’s website.

Using a team approach, respondents will work through nine focus areas, including governance, accountability, customer services, risk monitoring and procurement. It is a self-scoring tool, in which respondents are challenged to provide proof of their score.

Upon completion, respondents will receive a copy of their answers and a score against a set of benchmark questions that measure minimum requirements set by the financial regulators, by law or good practice. Benchmark questions deal with protected disclosure, code of conduct and anti-corruption, among others.

TINZ will issue a report on the results of the self-assessment, which will be anonymous and aggregated. Participating financial organisations will be able to receive their results to compare with their industry and the overall sector.

“The FISA online self-assessment is ready to meet the market, and at the right time.” said TINZ CEO Julie Haggie. “The self-assessment offers an opportunity for financial organisation to take a proactive response, reinforcing a whole-of-organisation commitment to customer relationships and good practice.”