A clear example
We are used to Aussies excelling in the sports world, but Australian banks also seem to be ahead of the game when addressing operational risk. David Benyon looks at what could be learned from Australia's open and honest approach
Banks down under are making some of the greatest strides in operational risk management. Australian banks are increasingly at the forefront of op risk development and ahead of their international peers in the Basel II implementation process, putting many of their European and American peers to shame.
As of January 1, 2008, Australia's 'big four' banks - Commonwealth Bank of Australia (CBA)
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