NAB response to ASIC review into breach reporting and remediation

Share

Share

NAB Group Chief Risk Officer, David Gall, has today responded to the release of ASIC’s industry review into breach reporting.

Mr Gall said NAB took its breach reporting obligations seriously and has been implementing improvements to the processes around identification, response and remediation of breaches.

”We want to be better for our customers. In recent years, NAB has worked hard to identify and investigate historical events as well as to improve the processes and systems supporting breach management.

“Since 2016, we have seen a reduction in late breach reporting to ASIC, with zero significant breaches being reported outside the 10 business day timeframe for 2018.

“While we are making progress, there have been instances where it has taken us longer than we would have liked to find and fix issues and remediate customers.

“There is clearly more to do. Recently we established a new centre for customer remediation which will ensure that impacted customers are compensated more quickly.

“We are committed to continuing our work with ASIC to improve breach reporting standards and rebuild customer trust in our bank.”

Announcements

SEE ALL TOPICS

Related Articles

  • Customers

NAB CEO on the economy, simplification, and the future of banking

NAB CEO Ross McEwan has expressed optimism about the state of the economy during a wide-ranging discussion at the ABA/TTBC Economic Forecast 2024 event, while also noting the need to reduce red tape to better support the growth of small businesses in Australia.

  • 26.02.2024
  • Time to read 1 min read
  • Media Release

NAB releases Q1 trading update

  • 21.02.2024
  • Time to read 1 min read
  • Business

NAB’s Green Finance for Commercial Real Estate to help customers reduce emissions, build climate resilience

NAB has launched Green Finance for Commercial Real Estate (CRE) to help support investment in – or the development or retrofit of – eligible, commercial buildings.

  • 14.02.2024
  • Time to read 2 min read

Quick links

National Australia Bank — NAB

Sometimes When The Unexpected Happens, We Realise What We Truly Value. Whether A Home, Farm, Business Or Your Passion, NAB Is Here To Support You.

Business Research and Insights

For more business news and analysis, visit NAB’s Business Research and Insights.