Business News

CBA's board needs to take ultimate responsibility for the bank's failings

Written by Pat McConnell, Visiting Fellow, Macquarie University Applied Finance Centre, Macquarie University

Something appears to be very wrong with risk management at the Commonwealth Bank (CBA), that cuts right across the bank. There have been risk management problems in the retail (money laundering), institutional banking (foreign exchange and bank bill swap rate benchmark manipulation) and wealth management (Comminsure scandal) arms of the bank.

This...

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