ANZ appoints Oliver Wyman to review culture, risk governance
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The news: ANZ has engaged consulting firm Oliver Wyman to review its markets team’s culture and risk governance "strengths and areas for improvement" after allegations of misconduct.
The context: The appointment of Oliver Wyman, as first reported by the Financial Review, is part of work to address concerns raised by the Australian Prudential Regulation Authority (APRA) in August.
The big four lender told Capital Brief the appointment of Oliver Wyman follows ANZ engaging specialist external counsel to investigate allegations of inappropriate conduct and behaviour within the Sydney dealing room.
In August, ANZ said it was expediting work already underway to address APRA's concerns.
Oliver Wyman's review will include:
- An online survey for all employees who have worked closely with the markets team along with all institutional employees;
- Interviews with institutional team members; and
- Focus groups with selected markets teams and supporting employees.
ANZ said responses will remain confidential and be managed by Oliver Wyman for objectivity and anonymity. The review is expected to take around three months, with recommendations and further steps to be shared with ANZ's teams "in due course".
In August, ANZ chief executive Shayne Elliott confirmed that three people were fired following allegations of misconduct at the bank's Sydney dealing room.
Elliott told the House Standing Committee on Economics said that following complaints by ANZ staff, an internal investigation found "the use of profanity in the dealing room" and staff "coming back during work hours after having consumed an unreasonable amount of alcohol".
What they said: An ANZ spokesperson said: "ANZ has advised staff today that we have engaged Oliver Wyman to review our strengths and areas for improvement in our Markets team’s culture and risk governance.
"This work will support our ongoing efforts to ensure conduct meets the standards we expect of our staff, and will help us to continue to strengthen our risk governance practices.
"We are encouraging staff to provide their open and honest feedback and ideas throughout the process.
"Oliver Wyman have significant experience in this area and their engagement has been supported by APRA."
The source: ANZ media release
