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
