According to the Australian Prudential Regulatory Authority deputy chair John Lonsdale, self-assessments make it clear that several of the issues identified in CBA’s Prudential Inquiry weren’t unique to CBA.

“They confirmed our observation that industry is grappling to manage non-financial risks, such as culture and accountability,” he said. Lonsdale also notes that institutions didn’t always understand what lead to these findings and ctions to address weaknesses may not be sustainable.

In response to these findings, APRA is considering applying additional capital requirements to several regulated institutions.

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