APAC banks worst in governance, risk management - study

A study conducted by audit and advisory firm Mazars showed that banks in the Asia Pacific region scored lowest compared to their global peers in the categories of governance, risk management, and disclosure. The “Responsible banking practices in APAC benchmark study 2021” was based on banks’ 2020 to 2021 reporting period as well as publicly available information. It assesses the sustainability of practices of 37 of the world’s largest banks by total assets in their respective geographies. The study said banks in the region need to make up ground fast in terms of implementing sustainability practices. Regulations must also be bolstered to encourage sustainability decision-making and to drive ESG, according to Justin Tan, a partner in financial services consulting in Asia-Pacific at Mazars.