Accreditation by Australian Prudential Regulation Authority (APRA) means Australia and New Zealand Banking Group (ANZ) will now use the most sophisticated approaches for the three major risk types facing banks – credit risk, operational risk and market risk – for regulatory capital determination from January 1, 2008.
Michael Smith, CEO of ANZ, said: We have made a significant investment in our risk management framework and infrastructure over recent years to provide ANZ with some of the most advanced risk management capabilities globally. We have already seen benefits from this work with improvements to the speed and consistency of our customer credit decisions. This work also provides an important platform from which we can continue to make improvements to our risk models for the benefit of our customers and the bank.
