Culture of owning the responsibility individually and collectively by board; clear demarcation of accountability of senior management, functional head and operational head; role of business unit as first line of defence and role of internal audit as third level of defence in facilitating robust compliance culture are all important.
So, today I want to present my forecast of how this potentially momentous year is likely to play out. I’ll do this in terms of both the vital economic signs and policy. I want to give you a sense of what factors could materially change – even derail – that scenario.