Australian supers build up op risk reserves

Super plans

superman-finance-dollar

Australian pension funds, regulators and industry bodies have twigged to the fact operational risk events can trigger substantial losses in superannuation funds. Over 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.

“Operati

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