In recent comments to the Sydney Morning Herald, ANZ's Mark Whelan, Head of Institutional Lending, admitted to the bank's slow progress in addressing non-financial risks over the past five years.
Whelan said that ANZ is working to improve its corporate governance by early next year. However, while he acknowledged regulators' concerns, especially regarding its bond trading scandal, Whelan denied that there is a widespread cultural issue within the bank. "[The regulators] are not happy with us, and therefore we have to accept it, but then we need to understand exactly what it is and why we're falling down," Whelan said. "We already have a good idea of it in some areas, and particularly in non-financial risk area," he added, saying that the bank would “just lean into it and fix it.”
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