Acting for You, June 2018

APRA report into CBA

APRA has released the final report of its prudential inquiry into CBA. The review panel made a series of specific recommendations designed to strengthen governance, accountability and culture within CBA including:

  • more rigorous board and executive committee governance of non-financial risks
  • exacting accountability standards reinforced by remuneration practices
  • a substantial upgrading of the authority and capability of the operational risk management and compliance functions
  • injection into CBA’s DNA of the ‘should we?’ question in relation to all dealings with and decisions on customers
  • cultural change that ‘moves the dial’ from reactive and complacent to empowered, challenging and striving for best practice in risk identification and remediation.

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