Australian supers gear up to manage operational risk

Super plans


Australian pension funds, regulators and industry bodies have twigged that operational risk events can trigger substantial losses in superannuation funds. During the course of the past decade, ING Australia, AXA, National Australia Bank’s MLC and Commonwealth Bank’s Colonial Mutual Life Assurance Society among others have all faced multimillion-dollar payouts to compensate clients following unit pricing errors, and such losses have raised the profile of operational risk management.