Operational Risk

Conduct, Culture & Accountability

Australian Court Orders Penalty Against CBA for Overcharged Interest

By Editors | 10/04/2021

CBA was ordered to pay A$7mn for a systems error that resulted in over 1,500 customers being charged a higher interest rate on overdraft accounts.

Operational Risk

UPDATED – Bangladesh: Banks, Stock Exchanges Shorten Work Hours

By Editors | 08/04/2021

Banks were asked to carry out all transactions from 10am to 12.30pm during the lockdown and to only keep branches open until 2pm.

Conduct, Culture & Accountability

APRA Approves Westpac Plan to Strengthen Risk Governance

By Editors | 07/04/2021

The integrated plan outlines a comprehensive program of work to enhance Westpac’s risk culture and risk governance.

Cloud & Infrastructure

Mizuho May Seek Compensation from Hitachi for System Glitch

By Editors | 07/04/2021

The delay of 263 transactions for corporate clients was said to be caused by a malfunction in a disk storage device made by Hitachi.

Structural Regulation

Myanmar: Korean Banks Raise Vigilance After Employee Shooting

By Ranamita Chakraborty | 05/04/2021

A Shinhan Bank employee has died after being shot in the head by Myanmar’s military forces. Meanwhile, local private banks are being fined for remaining closed.

Credit Risk

New Zealand Ends Loan Repayment Deferral Scheme

By Editors | 05/04/2021

Banks are continuing to work with borrowers who still need help to get back on track, says NZBA chief executive Roger Beaumont.

Operational Risk

APRA Raises Macquarie’s Capital, Liquidity Requirements

By Editors | 02/04/2021

Macquarie is said to have incorrectly treated specific intra-group funding arrangements for the purposes of calculating capital and related entity exposure metrics.

Cybersecurity

FS-ISAC Warns Banks of Growing Threat from Cyber Attacks

By Editors | 01/04/2021

Nation-states and cybercriminals may be wittingly leveraging each other’s tools and tactics, leading to an increase in cross-border attacks targeting financial services suppliers.

Operational Risk

BCBS Issues Principles for Operational Resilience and Risk

By Editors | 01/04/2021

Increasing banks’ resilience to absorb shocks from operational risks will provide additional safeguards to the financial system as a whole, the BCBS says.