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The RTJ Bridge Subscription is a premier resource for executives and professionals focused on the intersection of risk management and technology. It provides subscribers with access to a curated collection of articles and expert insights designed to enhance risk management strategies through technological innovation. With its online format, The RTJ Bridge offers flexible access to critical information, helping leaders make informed decisions and stay competitive.
Culture as Capital Risk — Lessons from the ANZ Breakdown
Now that intangible risks are becoming materially consequential, few cases better illustrate the price of cultural failure than the one unfolding at ANZ. In March 2025, the Australian Prudential Regulation Authority (APRA) imposed a $1 billion capital charge on the bank, citing persistent governance failures and an organizational culture that allowed misconduct to fester unchecked.
This was not a case of financial fraud or a high-profile cyber breach. It was the slow erosion of internal accountability—fueled by poor leadership, ineffective escalation channels, and a widespread underestimation of non-financial risks. As APRA Chair John Lonsdale put it, ANZ’s problems were “persistent and prevalent,” with echoes of similar issues already observed at its peer institutions.
The implications extend far beyond Australia’s banking sector. The ANZ case is a clear signal to global risk leaders: organizational culture is now a capital issue.
Culture, Conduct, and Consequences: The Operational Risk Lens on Today’s Most Dangerous Failures
Organizations are waking up to a hard truth: operational risk isn’t just about systems and controls—it’s about people, behavior, and culture. From misconduct in trading rooms to mismanaged whistleblowing programs, the failures dominating headlines today stem less from compliance gaps and more from breakdowns in cultural awareness, risk signal interpretation, and operational accountability.
As regulatory scrutiny intensifies and stakeholder expectations evolve, organizations must move beyond the traditional confines of Governance, Risk, and Compliance (GRC). They must build Operational Risk Management (ORM) programs that are equipped to detect, interpret, and act on cultural and conduct risks as core components of enterprise risk. This editorial series, Culture, Conduct, and Consequences, explores how non-financial risks—when left unmanaged—become operational failures. It sets the stage for the 2025 IRM Navigator™ ORM Report, to be published this June, and offers risk leaders a new lens for navigating the next era of operational resilience.