RBNZ Prioritizes Trust, Culture, and AI

The Reserve Bank of New Zealand (RBNZ) has published its Amended Statement of Intent 2024–2028, outlining a strategic framework that places a significant emphasis on trust, transparency, and organizational culture.

The amended Statement reflects three “strategic shifts”: strengthening trust and transparency, increasing operational resilience, and shaping the future of the financial system. Acknowledging that “trust in public institutions can be vulnerable” due to changes in the global media landscape and the rise of misinformation, the RBNZ has positioned trust as critical to achieving its mandate. To address this, its first strategic shift focuses on engaging openly and consistently with the public, regulated entities, government agencies, and its own workforce.

A key component of the RBNZ’s strategy is a focus on its own internal culture, accountability, and performance. According to the central bank, its people and culture will remain a “critical enabler” of its success in an increasingly complex environment. Over the next 18 months, the RBNZ is prioritizing several internal initiatives to support this shift, including:

• Culture and leadership measurement - establishing a “culture measurement framework and leadership assessment approach” to better understand RBNZ’s current state and inform future direction
• Accountability and performance - embedding “simpler, more accountable and enabling ways of working,” and continuing to implement a new performance and development framework to provide clear and consistent expectations for the “knowledge, skills, behaviours, and values” that underpin success at RBNZ
• Capability uplift – delivering a People Capability Uplift programme to equip leaders with the tools to lead teams effectively, navigate change, and foster high-performing and inclusive workplaces
• Employee voice - strengthening organizational connection by creating regular opportunities for feedback, including the continued use of pulse and engagement surveys to monitor progress and identify emerging issues

The amended Statement of Intent also highlights the rapid technological advancements reshaping the financial sector, specifically AI. The RBNZ acknowledges that the technology can improve competition and services, noting that it is actively integrating AI into its own operations. However, the central bank notes that AI-powered services are making financial products more complex and can also introduce new risks.

Externally, the RBNZ said its prudential strategic intentions mirror its internal focus on accountability and resilience. The central bank’s objectives include ensuring “trust and confidence in the financial system” through transparent, risk-based, and proportionate supervision and enforcement. This approach is designed to ensure that regulated entities maintain standards, are held to account, and remain resilient to financial shocks.