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Explain the nature and extent of manipulative internal systems anddata breaches/privacy issues in the banking sector in Australia.

Banks represents an influential sector in the economy of a country. As banks deal with otherpeoples’ money and have access to sensitive private information of millions of customers, itis expected that each large-scale commercial bank has effective governance and controlmechanisms in its operating and reporting systems to protect public money and theirinformation. Very recently, Australian media grabbed headlines on an array of banking sectorirregularities including manipulative internal systems and data breaches/privacy issuesunfolded by the Hayne Royal Recommission.Major requirements:(i) On the basis of your review of journal articles, textbook and web-based articles, explain the concepts and importance of internal control and privacy of information.(ii) On the basis of your review of the Hayne Royal Commission’s Final Report (2019) andmedia articles, explain the nature and extent of manipulative internal systems anddata breaches/privacy issues in the banking sector in Australia.(iii) Explain what preventive and corrective measures you would suggest in relation tosimilar control frauds (manipulative internal systems and data breaches/privacy issues).Present your assignment in a report format with an introduction and executive summary, a conclusionand appropriate references in addition to your responses to the above three requirements. Yourassignment will also be marked on the basis of appropriate use of grammar and punctuation.

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