The Australian Prudential Regulation Authority (APRA) has released the Final Report of the Prudential Inquiry into the Commonwealth Bank of Australia (CBA).
The report follows from an APRA inquiry into governance, culture and accountability within the CBA group initiated following a number of damaging public incidents involving the CBA, including most notably, the AUSTRAC anti-money laundering proceedings.
The 111-page report, released on 1 May 2018, is required reading for every board member, in our view. Many of the issues raised by APRA are issues that can, at times, face any board or organisation.
For this reason, directors should carefully consider these findings in light of their own organisations, with a view to assessing whether change is necessary.
Read the full article here.