The RBA ordered ASX to “redouble its efforts” to improve risk management culture and flagged concerns about internal audit.
The Reserve Bank has ordered ASX to “redouble its efforts” to improve its corporate governance and risk management culture after it botched the upgrade of the equity market’s post-trading systems last year.
ASX CEO Helen Lofthouse: “It was definitely a tough read, and I am taking it seriously. I gathered all our senior leaders at ASX this morning to brief them on the report.”The central bank’s annual assessment will up the pressure on the ASX board, chaired by Damian Roche, ahead of its annual general meeting next week.
The RBA wants ASX to “redouble its efforts” to ensure key governance issues relating to the CHESS replacement project are raised with its subsidiary boards. This comes amid concerns, also raised by ASIC, that its separate clearing and settlement boards allowed ASX to propose abetween the critical market functions and profit motives of the group.
“Changes have been underway for more than 18 months, and we are cognisant there is more work to do to restore trust. Some of the key changes that have taken place include board renewal and significant change in leadership to underpin the cultural transformation and operational risk uplift at ASX.”
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