Towards improving bank accountability

Silhouette of bear against financial chart background

Accountability is one of the Commonwealth Bank of Australia’s (CBA) five core values. Yet, a prudential inquiry into its governance found accountability to be an area of weakness and has produced a set of principles to help the bank lift its game.

The prudential inquiry was announced by the Australian Prudential Regulation Authority (APRA) in August last year following a series of reputation-damaging scandals at CBA. It found many shortcomings in CBA’s governance, culture and accountability frameworks, particularly when dealing with non-financial risks.

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