Challenges Faced by Commonwealth Bank of Australia

Running head: COMMONWEALTH BANK
COMMONWEALTH BANK
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COMMONWEALTH BANK1
This presentation will be covering the problems faced by one of the most important
banks of Australia namely the Commonwealth Bank of Australia that has been facing
different types of issues in last few years and trying to cope up with these challenges stock
the Commonwealth Bank of Australia is multinational Bank that has the businesses across
Asia, New Zealand, Australia, the United States along with the United Kingdom. For more
than a centry the organization has successfully operated in the financial and banking sector of
the country. The financial services that this Bank provides include business and institutional
banking, retail, fund management, insurance, superannuation, investment and broking
services. it is the largest Australian listed company which has the branch like ok a SBI bank,
Common Wealth securities, Common Wealth insurance, Bankwest and colonial first state
investment.
The threats of Commonwealth Bank of Australia is constantly curbing the power of
the organization to act freely. The upper class authorities are completely corrupted leading to
increase the threat for intrusion of fraud third parties other than the stakeholders. Therefore
the threat of theft, cases of money laundering and insurance problems are increasing. This is
the reason why the bank authority has removed its chief executive and hired Katherine
Livingston in the new chair. These internal problems is giving the third party to take full
advantage to exploit information and finance from this organization. As the internal
governance is completely ruined therefore, the company is failing to face the economic
changes in the country and international markets.
The Australian Prudential regulation authority has identified egregious management
weakness within the bank in the last few years. Therefore the board has asked the former
chairman to return 40% of his fees from previous financial year (Hutchens, 2019). The threat
of this organisation is mainly internal because the reports published has referred to audit and
risk committees’ failure for providing appropriate governance. In such case the leadership