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Strengthening supervisory assessments of risk culture

Strengthening supervisory assessments of risk culture

by Wayne Byres

Chair, Australian Prudential Regulatory Authority (APRA)

Compendium

In examining the lessons of the Global Financial Crisis, prudential supervisors quickly recognised that risk culture had been a critical determinant of financial success or failure. Prior to the crisis, an excessive focus on short-term financial success (the ‘what’) without sufficient regard to the way in which results were generated (the ‘how’ and the ‘why’) allowed excessive risk-taking to go unaddressed ... (cont)

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