What does accountability in business mean?

In 2015 the G30 commissioned Oliver Wyman to produce a report regarding progress on conduct and culture in the global banking industry since the global financial crisis (Banking Conduct and Culture: A Permanent Mindset Change). The report identified key areas which required increased focus and reform — and at the top of the list was accountability. As the Banking Royal Commission in Australia showed, accountability is still very much an issue. The question that comes to mind is what does accountability actually mean — beyond the obvious notion of holding people to account for their actions? It's a question many of our clients are asking... It obviously starts with the leader — with a relentless focus on firstly being accountable for yourself and your actions, with a commitment to discovering and being the best version of yourself as a person and then as a leader. If you have a moment, I'd be very interested to know how you foster accountability in your organisation.