Integrity self-assessment for New Zealand financial organisations goes live

Transparency International New Zealand (TINZ) will launch its FISA Online Self-Assessment today.

FISA Self-Assessment is designed for financial organisations: Banks, finance service providers, KiwiSaver providers, credit unions, building societies, insurance companies and related financial institutions such as trust companies and fund managers.

The free and voluntary assessment assists organisations in examining how well they implement integrity practices that shape and strengthen culture and conduct - and how they can look to embed a continuous improvement culture. Taking a team approach, respondents 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.

On completion the 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.  For example, benchmark questions are included on protected disclosure, code of conduct and anti-corruption.

The results of the self-assessment will be anonymised and aggregated, over time. Participating financial organisations will be able to receive their results to compare with their industry and the overall sector.

TINZ will publicly report on the aggregated, anonymised results.

“The FISA Online Self-Assessment  is ready to meet the market, and at the right time.” says 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.”

“Senior leadership teams know that culture and conduct are more than promotional words in a prospectus or strategy. They know that persistent and proactive attention – looking under the hood – is what protects their reputation and builds customer trust,” Says Anne Tolley, Chair of Transparency International New Zealand. “FISA Self Assessment’s senior leadership team approach drives internal self-assessment. It is free AND it is good for business.”

TINZ is proud to be leading this initiative to provide New Zealand financial organisations with a means to review their culture and conduct, and contribute positively to New Zealand’s high integrity reputation.

Information about the FISA Self-Assessment is available on the TINZ website.

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