Risk oversight at Aussie banks under fire again

Asic criticises boards and management for immature oversight of op risks

Melbourne central business district
Melbourne central business district

Almost two years after the revelation of widespread, often brazen misconduct at Australia’s largest banks and insurers, the country’s financial sector still has a lot of work to do, according to the country’s markets regulator.

In a study assessing the quality of non‑financial risk oversight at seven large financial firms – including the big four Aussie banks – published on October 2, the Australian Securities and Investments Commission’s (Asic) corporate governance task force found important

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