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Boyd, Tony, Big CBA board changes looming. The Australian Financial Review. 2/9/17, p.52. It was another huge week at the Commonwealth Bank of Australia, with chairman Catherine Livingstone putting the finishing touches to significant boardroom changes and group chief risk officer David Cohen implementing a new structure for managing financial crime risks. Livingstone will not be able to avoid claims the imminent board changes are being driven by the AUSTRAC anti-money laundering debacle, but Chanticleer understands that is not the case. Livingstone will soon notify the market of the departures of non-executive directors Harrison Young, Andrew Mohl and Launa Inman. Under normal protocols at CBA, nonexecutive directors usually have tenures of either six or nine years. Young, a former chairman of Morgan Stanley Australia, will retire after completing a 10-year term. He was asked to stay on by former chairman David Turner after the completion of his nine-year tenure so that he could help former Citi banker Shirish Apte transition to the head of the bank's risk committee. Mohl, the former CEO of AMP, will be completing his nine-year term at the annual meeting in November by not offering himself for re-election. Inman, the former CEO of Billabong international, has completed six years and will not be offering herself for re-election. This will open the door for Livingstone to find three new candidates to join one of the most prestigious boards in the country. People with deep experience in banking and risk management would be welcomed by investors. The CBA board has gone through substantial renewal in recent years. Former chairman Turner stepped down in December, Jane Hemstritch left in March last year and John Anderson left the board in November last year. Last Wednesday, Cohen put in place new reporting lines for the management of financial crime risks. He has taken control of the financial crime policies, financial crime rules and financial crime assurance. These were previously under the control of the chief financial officer. The threshold transaction reporting requirements under anti-money laundering laws remain under the control of the group executive, enterprise services and CIO David Whiteing. Whiteing also keeps the operational side of financial crime, which includes transaction monitoring, sanctions streaming and enhanced customer due diligence. Cohen told Chanticleer: "I think these are certainly important changes that set us up better for progressing operations and risk management of financial crime. It's fair to say we have had a model in the past that has not been standard. These changes bring us into line with what is regarded as good practice for financial institutions here and overseas. "The growing level of sophistication and adaptability of criminal gangs and their use of technology is impressive in one respect and scary in another. And therefore we do think there are areas we can keep improving. We are strengthening our financial crime resources. There will be more investment in our capability and in systems.


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