logo

Banking and Finance INTRODUCTION 3 MAIN BODY3 Problems Related with Prudential enquiry into CBA

   

Added on  2021-02-20

7 Pages1706 Words279 Views
Banking and Finance
Banking and Finance INTRODUCTION 3 MAIN BODY3 Problems Related with Prudential enquiry into CBA_1
Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3Problems related with prudential enquiry into CBA....................................................................3Assessment of how prudential problems impact financial intermediaries and customers...........3Role of regulation to address culture, governance and accountability problems. ......................4Actions taken by financial firms to identify and ascertain solution to the problem....................5Assessing how successful were the action plan...........................................................................5Demonstrating practices taken by financial service industry in order to improve in future.......5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
Banking and Finance INTRODUCTION 3 MAIN BODY3 Problems Related with Prudential enquiry into CBA_2
INTRODUCTIONAustralian Prudential Regulation Authority (APRA) focuses on supervising the financialinstitution in order operate and supervise them related with licensing, prudential standards,supervision, enforcement, etc. This study will highlight on types of problems associated withprudential enquiry in CBA and how it influences financial intermediaries and its customers.Furthermore, it will also demonstrate the practices taken by financial service industry in order toimprove in future. MAIN BODYProblems related with prudential enquiry into CBA.Australian Prudential Regulation Authority (APRA) analyse the fact that it wouldeffectively establish the prudential into the governance, accountability and culture within theCommonwealth Bank of Australia. APRA is the regulatory of various financial service industry.It takes into consideration credit unions, banks, general insurance, building societies, reinsurancecompanies, private health insurance, life insurance, etc. ARPA releases to gain awareness relatedwith the financial risk of the business in order to effectively analyse the understanding of threatrelated with the various financial service industry. It has also faced various climate relatedfinancial risk and also leads to reputation damage, cyclones, regulatory changes, etc. there arerange of requirements within which an organization needs to comply in order to functioneffectively. The panel would not be able to focus on non- financial risk. It also leads to lack ofclear accountability (APRA, Prudential Inquiry into the Commonwealth Bank of Australia(CBA): Final Report, April 2018). The major issue related with APRA is largely related withquality issues. The report of the CBA was found to be dulled in respect with the management ofnon- financial risk. The leaders has slowed down to recognise and address the emerging threatsto the reputation of CBA. This might include mis-selling of loans to the customers in order toinvest in a certain financial products. Misconduct on behalf of financial advisors, fees charged bythe bank for no service in financial industry. Use of outdated policy and definition in insuranceproducts, breach of contract and anti- money laundering and mis-selling of credit insurance isalso a major problem faced by the CBMA. Assessment of how prudential problems impact financial intermediaries and customers.A culture that fosters to leads to unclear decision making, poor leadership, etc. mightresult in undermining the governance framework of the organization. The members of the board
Banking and Finance INTRODUCTION 3 MAIN BODY3 Problems Related with Prudential enquiry into CBA_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Governance, Culture and Accountability Issues in CBA
|13
|1458
|350

Accounting Issues in ‘APRA Probe Risks CBA Rating’
|5
|980
|225

Role of APRA and ASIC in Financial Regulation in Australia
|8
|1576
|410

Assignment on Use of Newsletter
|10
|1398
|36

Managing in a Complex World: Role of Government and Managerial Functions in Commonwealth Bank of Australia
|9
|2249
|436

Risk Management | Financial Institute of Management
|16
|2400
|21