NAB and Westpac Recommendations and Commentary on Culture
Francesco de Zwart
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Francesco de Zwart: University of Adelaide
Chapter Chapter 31 in The Key Code and Advanced Handbook for the Governance and Supervision of Banks in Australia, 2022, pp 893-926 from Springer
Abstract:
Abstract Chapter 31 of the Stage 2 Key Code and Advanced Handbook for the governance of Australian major banks examines the NAB and Westpac recommendations and commentary on culture. This begins with an examination of NAB’s five cultural inhibitors to targeted culture including a discussion of values, behaviours, cultural ‘levers’ and measuring risk culture. NAB’s cultural inhibitor 1 is rigour and discipline. Cultural inhibitor 2 is over-reliance on people for deficiencies in systems and processes. There follows cultural inhibitor 3 – failure of collective intensity or individual resolve to fix complex issues. Cultural inhibitor 4 is failure to listen and learn from customers, regulators and employees and concluding cultural inhibitor 5 is other priorities put before commitment to customers. We then move to Westpac’s findings and commentary on culture of which there are 9 findings examined in this Chapter: vision, values and strategy; management of non-financial risks; caring, relationship-focus and collaboration; collective decision-making and diffused accountability; completeness and organisational complexity; speaking-up and challenge; prioritising, making decisions and saying “no”; conceptualisation and process over outcome; and institutional learning and reflection. We conclude with the Westpac Reassessment findings on risk culture.
Keywords: Culture; Cultural inhibiters to targeted culture; Values and behaviours and cultural levers; Non-financial risk; Collaboration; Diffused accountability; Completeness and complexity; Challenge; Prioritising; Lack of learning (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-16-1710-2_31
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DOI: 10.1007/978-981-16-1710-2_31
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