Macquarie Group (ASX:MQG) said its board seeks to incentivize improvement and insists on accountability wherever shortcomings are identified in its risk management framework, and it adopted this approach in response to the license conditions imposed on Macquarie Bank by the Australian Securities and Investments Commission (ASIC), according to Chair Glenn Stevens, per a Friday Australian bourse filing.
The company continues to refine and strengthen the framework, seeking to ensure that its risk appetite is considered and well understood.
It also actively reviews and enhances its risk culture and risk management framework in response to changes in its business operations, outcomes of its oversight activities, and the expectations of regulators and communities, Stevens added.
Understanding and managing the associated risks, and ensuring that shareholders are properly compensated for bearing them, remains critical, he said.
The company's shares added about 3% in recent Monday trade.
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