In order to shave off the money laundering case, Commonwealth Bank of Australia (ASX: CBA
) plans leverage the capabilities of Regulatory Technology Association. One of the bank’s senior employees would be serving on Regulatory Technology Association’s board. The royal commission report would be received by the government most probably by the month end. The contents of the report would include, but not limited to, the systems which are currently operative in the banks and the failures which they are currently witnessing. However, the special attention has been given to the “not up to the mark compliance function” of Commonwealth Bank of Australia in the governance report by the regulator.
The joining of hands with the regulatory technology association would indeed be helpful for CBA as the bank would be able to fill the technology gaps. However, apart from this, the bank’s risk management culture would also be helped by working with this association. The bank’s move might also help in capping the expenses. Jasper Poos, who is presently the bank’s assurance as well as governance head, would be serving the board of regulatory technology association which has been operational a year ago. This association primarily comprises regulatory technology startups. The first CEO (chief executing officer) of the association has been named as Deborah Young. The new director has been named as Harold Lucero.
Mr. Jasper Poos reflected positive views in regard to the regulatory technology move as it would help the bank to move on the path of innovation. Moreover, the compliance systems of the bank could also be improved by leveraging the digital capabilities. The regulators regulating the financial ecosystem as well as government have been pressurizing the banks to make significant advancements with regards to the technology. Australian Securities and Investment Commission or ASIC along with AUSTRAC would be joining the banks as well as early stage companies in order to come up with technologies which would help in reducing financial crime as well as money-laundering. The CEO of the association (Deborah Young) has such plans which would help the small tech companies in gaining the access to the big and established organizations having the complex structures and banks are one of them. This week, Westpac as well as CBA would be attending the boot camp; and on the other hand, ANZ as well as National Australia Bank would be attending this type of event in the remaining half of 2018 in Melbourne.
Commonwealth Bank of Australia’s involvement with regards to the technology initiatives is been improving. Earlier, the bank used to ignore broader tech world and hence, it has built a number of in-house technology solutions. Among the major banks in Australia, CBA is the only one which is not the Stone and Chalk’s corporate partner. However, it seems that now the bank’s eyes have opened after the criticism as well as the payment of fine. However, apart from the above reasons, change in the managerial level could also be the primary reason. The bank’s CIO (chief information officer) named David Whiteing was removed from his position. Next week, Pascal Boillat would be the bank’s new CIO. The man used to serve Deutsche Bank.
Commonwealth Bank of Australia would be leveraging the startups’ capabilities so that the standards can be improved as well as its expenses related to the compliance gets reduced. According to Poos, with the help of the association, the accuracy as well as the efficiency rate is expected to improve. He also added that the entire industry’s performance would be witnessing favorable momentum which would help in the improvement of the quality along with the compliance consistency.
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