ASIC, in the beginning, did not take any kind of devised action for getting the evidence from the TAFP rather they opted for the discussion with the organisation which is the joint solution for the closely supervise and the vetting before the approval. It can be seen from the case that on March 2, 2010, the ASIC has literally issued an order for the organisation to handover the files of the clients under the investigation process. The difficulty that was faced by the ASIC is that they were not active in the entire process and hence delayed in getting the evidence for the scandal. The organisation has placed suitable and effective whistleblowers for the action to take place within the organisation during the scandal. From the Senate Inquiry, …show more content…
It can be seen from the case study that the Terra Australis Bank that is the TAB is being involved in the huge fraud scheme that also from the year 2003 until the year 2012. The Rogue financial planners at the TAFP is involved within this case as the client's files were being manipulated as well as provided the forged document for the client to make an investment for getting a higher commission as well as a bonus.Operational risk and reputational risk (Tricker, B 2015)is involved in this case as the risk is caused due to the internal manipulation by the employee Dodgy Don .On finding this Bloe and the affected clients went ahead and took help of the social media regarding the ongoing scenario which in turn is tarnishing the reputation of TAB. In this case, the most effective way is to minimize the possibility of risk is to maintain a proper financial planning program by monitoring the cash flows within the organisation so that no fraud can take place . The Management should check the active system of internal activities on time to time basis.There should be a risk management plan like insurances to cover an unforeseen situation. The company should implement a reporting system that provides the important information of the business and its performance.The tasks should be assigned to the right person who has the skill and ability to act upon it rather than people who are not trained or consenting to take the