Professional Development Update

Abstract

The recent Australian Prudential Regulation Authority (APRA) report of the Prudential Inquiry into the Commonwealth Bank of Australia (CBA) has highlighted that the risk culture in the CBA leaves a lot to be desired. Decisions have been made and risks taken that do not provide a fair outcome to all stakeholders. The report states the CBA has failed to meet the community’s needs and the standards expected of a systemically important bank in Australia. It also noted that Risk Management must avoid being process focused, but instead, be outcome focused to ensure the business is not “consumed by process”.