ASX’s Risk, Compliance Practices ‘Need to Mature,’ Probe Finds

ASX Ltd.’s risk and compliance failures could potentially have serious consequences that negatively impact Australia’s financial markets, a probe into the exchange operator found.

“Risk management and compliance practices need to mature to become fit-for-purpose and embedded in business processes,” according to the inquiry, which was commissioned by the country’s financial regulator. “Practices and aspirations for risk management and compliance should be to achieve excellence, not adequacy,” the probe’s expert panel said in its final report. ASX shares gained as much as 2.7% on Thursday.