In the reports emanating from the Hayne Royal Commission, it is clear from the evidence given that this title question was never asked by the leadership of the organisations concerned.

Financial misconduct occurs because of a lack of adherence to policies and procedures. In turn, there is scarce updating and amendment of policy due to a lack of monitoring and audits. The pressures to perform lends itself to the tendency to cut corners with services and products making such more attractive than they really are.

The opportunity to do the wrong thing soon presents itself and the mind-set within an institution then becomes “What are the chance of being discovered?”

From the evidence presented at the commission, the light may be shined on the idea that the wrongdoers don’t believe the issues uncovered are so bad. One institution stated it valued integrity but the evidence showed they had misled the Regulator and charged many customers for services it did not provide.

Another organisation admitted they had used members superannuation funds to pay compensation to disaffected clients.

One senior executive stated it was not the members money at the point concerned as it was transferred to a separate account for compensation use.

If the organisations were using Procedure Rock the system would not allow such transgressions due to the special features contained within. Staff and employees are required to use any system the company or place of work inducts and introduces to them as a requirement. The self-auditing within follows.

Policies and procedures must be followed as the features demand it.