Systemic Issues Jane Pires

2010 AGM proxy summary

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Suncorp Group at a glance

• One of the top 25 listed companies in Australia • Around 16,000 employees across Australia and New Zealand• Group total assets of A$94bn• Retail and SME customer focus in Australia and New Zealand• End to end ownership of brands and distribution channels• The largest general insurer in Australia. Second largest in New

Zealand• The fifth largest listed bank in Australia. Largest regional bank • Clear and simple business model, strategy and operational

targets• A portfolio of well-known and trusted insurance, banking and

wealth management brands that are industry leaders

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What is a Systemic Issue?

Systemic issues – what are they?

“a waste of time”

“an exercise in futility”

“a problem that won’t go

away?”

“an issue that may affect a

large number of customer”

“a problem for the compliance

team”

2010 AGM proxy summary

“No one ever fixes up that

problem!”

“That is the third business area that

has raised this!”

“I’m not 100% certain it’s an

issue…”

“That is the third call I have had

today about……”

“Why does this systems apply the

incorrect fee on these accounts?”

Have you heard or said…?

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What can assist in identifying a systemic issues

Customer Complaints Staff Feedback

Audit /Compliance Reports

External Sources

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... It only takes one customer to

complain!!!

The power of one

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But many to fix if a systemic issue is identified

2010 AGM proxy summary

What can assist with the investigation…Complaints reports

Compliance reports (due diligence systems)

Product information

Customer documentation and communication

System information

Identified code breaches

Staff feedback reports

Staff interviews

How to investigate…

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Who is involved in the process internally?

Systemic Issue

Risk & Compliance

Legal

Marketing

HR (Training)

Customer Relations

Product Department

Regulatory Affairs

Printers

Media Relations

2010 AGM proxy summaryCould these companies have had unidentified systemic issues?

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2010 AGM proxy summaryMy learning's

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• Communication – both internally & externally

• Understand the issue and seek clarity

• Look for broader impacts

• Engage FOS early and regularly

• Some matters can take a long time to finalise.

• Other issues may be identified during the process

• Escalate/advise upwards early

• Report & Register

2010 AGM proxy summaryThank you

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