Award Winner: Australian Prudential Regulation Authority

OPERATIONAL RISK ACHIEVEMENT AWARDS

Occasionally, banks need reminding of the gulf that can exist between having a risk management framework and actually managing risk. Last year, Australian banks heard that message loud and clear as the Australian Prudential Regulation Authority (APRA) investigated a A$360 million rogue trading loss at the country's biggest bank, National Australia Bank (NAB).

APRA's report would normally have remained a private document, but NAB was prepared to let its dirty linen be aired in public, so t

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