ANZ Culture Transformation Faces Resource Challenges

ANZ’s cultural overhaul program is facing resourcing challenges, according to an independent assessment commissioned by the bank, as reported by the Australian Financial Review.

Four of seven major actions ANZ agreed to complete as part of its Court Enforceable Undertaking with the Australian Prudential Regulation Authority (APRA) were rated “amber,” signaling concern about the pace of progress. The report identified difficulties in quickly acquiring and onboarding specialist expertise to meet delivery deadlines, a challenge it described as consistent with early-stage risk transformation programs of a similar nature.

The program, known as “people, accountability, customers and trust,” was launched under CEO Nuno Matos to address longstanding weaknesses in non-financial risk management following misconduct scandals in the bank’s Sydney dealing room. Matos insisted the amber ratings reflected normal project dynamics rather than underlying problems, stating the bank remains fully committed and on track.

ANZ must satisfy APRA before the regulator will lift the enforceable undertaking and remove a $1 billion capital penalty. The assessment reportedly cautioned leadership to maintain focus and secure enterprise-wide buy-in, warning that execution risk will grow as the program moves from design into implementation, particularly given that ANZ is simultaneously managing several other major strategic priorities.