This report focuses on the changes improvised in the Commonwealth Bank of Australia (CBA). The report has been focusing in the modification of strategies in order to improve their business in the market. The report covers critical factors of success of CBA, relevance of objectives, mission statement, organizational structure of CBA, analysis of Commonwealth bank of Australia, current system of CBA, control weakness of CBA, new improved system for the Commonwealth Bank of Australia, primary features of new improved system, relevance of the new advanced technologies, other kinds of requirements, technological platforms for the system, potential security risks for the banking sector of CBA and accounting controls over the new banking system.