"Deloitte recommended that the Reserve Bank clarify its expectation that ‘reasonable assurance’ applies as well as generally accepted assurance standards. The Reserve Bank has been discussing the benefits of moving to 'positive assurance' frameworks with those banks that currently use 'negative assurance' frameworks. The supervisory approach will be considered as part of the second phase of the review of the Reserve Bank Act. Any potential policy changes will be considered in due course and undergo a public consultation and full impact analysis," says Barclay.
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