Independent Review of ANZ Global Markets Culture

This document is a report detailing an independent review of the culture and risk governance within ANZ's Global Markets business, conducted by Oliver Wyman. The review was initiated in response to stakeholder concerns regarding conduct and workplace behavior, and it spanned five months from October 2024 to March 2025. The methodology included a culture diagnostic, risk governance review, and root cause assessment, utilizing document reviews, employee surveys, and interviews. The findings indicate that while the culture has strengths, there are notable weaknesses, including variable experiences among staff, allegations of misconduct, and insufficient leadership actions to address reported issues. The report outlines governance structures, including the Three Lines of Defence model, and identifies areas for improvement in risk management practices. Recommendations are provided to enhance the culture, leadership capabilities, and employee processes to rebuild trust among staff and ensure effective risk governance.