Time local master equation connecting the Born and Markov approximations

We present an exact expansion of the master equation for an open quantum system. The resulting equation is time local and enables us to calculate clearly defined higher order corrections to the Born-Markov approximation. In particular, we show that non-Markovian terms are of the same order of magnitude as higher order terms in the system-bath coupling. As a result we emphasize that analyzing non-Markovian behaviour of a system implies going beyond Born approximation. Additionally, we address with this approach the initial state problem occurring in non-Markovian master equations.