Completing the Remedial Action Plan

Three years ago, we set about improving governance, culture and accountability across the bank by implementing all of the recommendations in the Prudential Inquiry final report.

Completing the RAP is a significant milestone but we recognise there is still much more for us to do.

Our focus is to now demonstrate that the changes we’ve made are sustained and continuously improved. 

A roadmap for change

In May 2018, APRA’s Prudential Inquiry released a report outlining shortcomings in governance, culture and accountability at the Commonwealth Bank (CBA). The report was constructive and fair and we accepted all of the 35 recommendations. We have now addressed all recommendations in full.

APRA endorsed CBA’s comprehensive Remedial Action Plan in June 2018. The plan outlined the actions we would take to improve risk management capability and deliver better outcomes for our customers. 

Prudential Inquiry report

APRA released the report from its Prudential Inquiry into the bank’s governance, culture and accountability in May 2018. Read APRA’s Prudential Inquiry report in full.

Promontory progress reports

Promontory Australasia was appointed as the independent reviewer to regularly review the implementation of our Remedial Action Plan. 

We released Promontory’s first report on our progress in October 2018. You can find the full report here.

Promontory’s second report on our progress was released in February 2019. You can find the full report here.

Promontory’s third and fourth reports were released in August 2019.

The fifth and sixth reports were released in February 2020.

The seventh and eighth reports were released in August 2020.

The ninth and tenth reports were released in February 2021.

The eleventh and twelfth reports were released in August 2021.

The thirteenth report was released in October 2021.