Fitch Ratings says operational risk may further pressure Australian bank ratings

Author: Eamonn Sheridan | Category: News

Fitch Ratings comments on Australian banks 

Addressing shortcomings in operational risk frameworks remains a significant challenge facing many Australian banks
may ultimately pressure the Outlook and ratings on some institutions
Cites a paper published by the Australian Prudential Regulation Authority (APRA) on 22 May:
  • need for better non-financial risk-management; 
  • accountabilities not always being clear, cascaded or effectively enforced; 
  • acknowledged weaknesses are well-known and some have been long-standing; 
  • and risk culture not being well understood and therefore may not be reinforcing desired behaviour. 

Via Reuters 
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