Commonwealth Bank of Australia
Commonwealth Bank of Australia has been selected as an ABA100® Winner for Risk Management in The Australian Business Awards 2023. The Australian Business Award for Risk Management [RMA] recognises organisations that have successfully implemented initiatives that demonstrate excellence in risk management.
“Evolving customer expectations, emerging risks and the pace of change require Group Audit and Assurance to support the Bank with risk coverage that puts customers first. Increasingly, we are embedding digital assurance methods that help to create a seamless Three Lines of Assurance and better risk outcomes across the Bank. We are honoured to be acknowledged by ABA100, and I am proud our efforts contribute to the Bank’s purpose to build a brighter future for all.”
The Commonwealth Bank of Australia (Bank) is Australia’s leading provider of integrated financial services. The Bank and its related corporate bodies (collectively, Group) are committed to continuously improving their governance practices and ensuring they align with their business, stakeholders and customers’ needs.
The Group monitors and manages its exposure to financial, non-financial and strategic risks. The Group is committed to having risk management policies, processes and practices that support a high standard of risk governance, enabling management to undertake prudent risk-taking activities. Group Audit and Assurance (GAA) are the internal audit function of the Group. GAA helps the Bank to identify and manage risks, improve efficiency and ensure compliance. As the Third Line of Assurance, the purpose of GAA is to provide independent and objective assurance of the effectiveness of the Group’s risk management, controls and governance processes.
As digital technology transforms entire industries and ways of working, for GAA to continue to provide insightful assurance to the Board, they must keep pace and continually reimagine themselves with the latest global best technology, Artificial Intelligence (AI) and innovation. Evolving customer expectations, competitive threats and pace of change require GAA to support the business with new insights and risk coverage that puts customers first.
Over the last three years, GAA has embarked on a digital transformation journey, increasingly embedding digital assurance into audit activities, injecting Artificial Intelligence (AI) into routine control testing and using digital tools to improve the overall experience for employees. By reducing administrative overhead, GAA is creating the capacity to focus on high-value judgement-based activities and to expand their support from audit-only resources to sharing knowledge and tools that create a seamless Three Lines of Assurance and better risk coverage across the Bank. With global-best digital tools that harness the power of data, analytics and AI, we deliver smarter, faster and safer outcomes to address current and emerging risks and provide better assurance outcomes for their customers and community.
For information about Commonwealth Bank, visit cba.com.au