ANZ’s favoured consulting firm, Promontory Australia, has been hired again despite previously providing positive reports on the bank’s progress in non-financial risk plans during the period of the bond trading scandal.
This time Promontory, owned by IBM, has been employed to report to the prudential regulator on ANZ’s Root Cause Remediation Plan (RCRP) by 30 September 2025.
The RCRP is part of ANZ’s court-enforceable undertaking imposed by the Australian Prudential Regulation Authority (APRA) in April. The plan aims to identify the root causes and behavioural drivers of ANZ’s shortcomings in its non-financial risk (NFR) management practices and risk culture.
ANZ hired Promontory in 2022 after APRA identified deficiencies in the bank’s NFR management. Promontory’s initial assessment was that ANZ needed to overhaul its NFR uplift program, known as I AM Amplified.
