The internal audit function of Commonwealth Bank nailed the group’s core deficiencies many times, but “there was not enough sense of urgency, and only fix things where they become mandatory compliance,” Matt Comyn, the bank’s CEO told the financial services royal commission yesterday.Putting things in a nutshell, Comyn said: “We seemed to be caught reacting, responding, remediating, in an ever increasing cycle of that without actually truly understanding the root cause [and] making the appropriate investments.” read more
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Audits ignored at CBA’s peril
The internal audit function of Commonwealth Bank nailed the group’s core deficiencies many times, but “there was not enough sense of urgency, and only fix things where they become mandatory compliance,” Matt Comyn, the bank’s CEO told the financial services royal commission yesterday.Putting things in a nutshell, Comyn said: “We seemed to be caught reacting, responding, remediating, in an ever increasing cycle of that without actually truly understanding the root cause [and] making the appropriate investments.” read more
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