FISA Self-Assessments postponed

Bernie McKendrey, Deputy Chair, The Institute of Internal Auditors New Zealand

Bernie McKendrey

FISA Project Team Manager

COVID-19 has had a dramatic effect on the New Zealand economy, markets, financial entities and consumers.

The strategy and principles of maintaining trust, integrity, good conduct and seeking the right outcomes in all sectors have always been important attributes for our country’s economy. It is during unprecedented events when the world is fighting the novel coronavirus, that the significance of these principles becomes clear. 

Integrity and trust are key to fighting the virus.

These attributes underpin Transparency International New Zealand’s Financial Integrity System Assessment (FISA) which had been scheduled to launch this year.  As a result of the COVID-19 virus crisis, the circulation of the FISA Self-Assessment to financial organisations and the comprehensive assessment of financial sector integrity systems, has been postponed until next year.

Financial organisations, like many New Zealand businesses, are focussed on managing their balance sheets, surviving COVID-19 and strategising for a quite different future.

Since December 2019, several banks, insurance companies and other financial sector organisations undertook TESTs of the FISA Self-Assessment.

The FISA Project Team has been focussed on reviewing the TEST group feedback. Thanks to the participants’ feedback, there has been excellent material for refining the assessment and associated tools. 

However, TINZ is sensitive to the efforts that financial organisations are putting into meeting their customer needs at this crucial time and as we move forward, to heal our economy and ensure it is resilient to deal with the impact of the current and future pandemics. Now is not the time to be examining what is being done.

Later FISA will be in a great position to assess what has been achieved and the impact of those achievements on staff, consumers and other stakeholders.

In the coming months, the FISA Project Team will:

  • Refine and consolidate FISA and tools
  • Support and assist with those who feel that completing FISA would be a beneficial part of their strategy and planning
  • Refine the concept and requirements of the ‘Integrity Tick’, and
  • Progress work with those financial organisations who are working towards the ‘Integrity Tick’.

The FISA Self-Assessment will be sent out to financial organisations in 2021.

 

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