(3 April 2025 – Australia) ANZ has accepted all 19 recommendations and 53 sub-recommendations of the Oliver Wyman independent culture and risk governance review.
ANZ is taking immediate action in response to the independent review, including the appointment of a new executive role of group head non-financial risk program delivery, reporting directly to the CEO to be filled by ANZ’s current head of Singapore and head of SEA, India and Middle East, Mark Evans.
ANZ will also appoint IAG executive general manager of enterprise risk, Dan Wong, to the role of group general manager operational risk, reporting directly to CEO Kevin Corbally.
The Australian Prudential Regulatory Authority (APRA) has accepted a court enforceable undertaking (CEU) from ANZ and imposed a higher capital threshold, stressing “long-standing concerns” over the bank’s non-financial risk management practices and risk culture.
Although APRA accepted ANZ’s progress on its remediation program, the regulator maintained that completion of the program alone “will not effectively and sustainably address the broader non-financial risk weaknesses across ANZ”.
“The bank is disappointed that we have not met APRA’s expectations about how the bank manages non-financial risk and its non-financial risk culture. A strong non-financial risk regime is critical to protecting our bank and our customers” commented ANZ Chair Paul O’Sullivan in a statement to the ASX.
“The CEU provides the bank with a clear roadmap for addressing APRA’s concerns, with both the board and management bringing a clear-eyed focus to completing this work, seeking to have the capital overlay removed as quickly as possible”.