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CBA, other lenders to provide risk culture assessments to APRA

CommonwealthBank of Australia and other banks are providing assessments oftheir risk culture, as well as plans to improve standards, to the AustralianPrudential Regulation Authority, TheSydney Morning Herald reported April 11.

CBA is set to furnish information on risk culture and itsplans for improvement to the regulator. Other Australian banks have or willsubmit the same information to APRA. The moves follow APRA's introduction of prudentialstandards CPS 220 in 2015 that require bank boards to establish a view on riskculture and ascertain potential improvements.

APRA's efforts are aimed at improving banks' conductfollowing recent scandals, including alleged rate rigging by Australia & New Zealand Banking Group Ltd. andWestpac Banking Corp.

The information will not be disclosed to the public.