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ANZ Group Holdings (ASX:ANZ) has today been ordered by APRA to carry $250 million in additional operational risk capital overlay to address issues of “risk culture” across all sectors of its business.
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The bank entered a court-enforceable undertaking with the Australian Prudential Regulation Authority (APRA) following conversations with the former about non-financial risk management practices and risk culture.
The EU is also connected to the appearance of issues in ANZ’s Global Markets Business, which had promoted the regulator to express concern about an uplift in the bank’s non-financial risk work program.
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Chairman Paul O’Sullivan said the bank was working towards improving its practices around non-financial risk, but had more to do. “We are disappointed that we have not met APRA’s expectations about how the bank manages non-financial risk and its non-financial risk culture,” he said.
“A strong non-financial risk regime is critical to protecting our bank and our customers.”
ANZ has been trading at $29.66.
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