
Australian regulatory body to investigate risk management controls at NAB
Ross Jones, deputy chairman at APRA, said the review was standard regulatory practice in cases of this nature. “From a prudential perspective, APRA has to ensure that any breakdown of controls and processes in this instance has been properly identified and that appropriate action has been taken by the institution in question to rectify the matter,” he said.
In the short term, APRA will also specifically review the risk management practices of authorised deposit-taking institutions (ADIs) with treasury functions. “APRA is in constant dialogue with the ADIs it regulates and does not have any specific concerns about individual institutions or the industry in general,” said Jones. “However, both APRA and the industry recognise the importance of reassuring the community and the industry review is part of that process.”
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