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The report published by the Australia and New Zealand Banking Group Limited (ANZ), highlights the challenges banks face with governance over non-financial risk. The report by Oliver Wyman highlighted issues with the banks failure to address wide-ranging problems with its management of non-financial risk.https://lnkd.in/exKNzfY2In demonstrating what happens when you get corporate governance wrong, the Australian Prudential Regulation Authority (APRA) increased ANZs capital reserves by $250mn ASD, to $1 billion for failures in the governance over non-financial risk. The second increase in a year The regulator also accepted a court enforceable undertaking from the lender to address its non-financial risk management practices and risk culture.The shares in ANZ dropped by as much as 3.6% on the news.https://lnkd.in/eHKvEuT4One wonders the costs to ANZ is it simply put in place an effective 3 line model, for the management of non-financial risk of its Global Markets Business.@Thaddeus DziekanowskiVeritas GRC#cybersecurity #cyberriskmanagement #nonfinancialrisk
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