The final report on APRA’s capability released this week (the Samuel Report) by the Treasurer makes fascinating reading.
The similarities in cultural problems faced by the regulated and the regulator are pretty stark. As we all know, organisational culture has a big influence on individual behaviour and is a vital element in any organisation – as APRA pointed out in its land mark review of CBA’s culture. The irony is striking.
The key problems identified in the Samuel Report can be summarised as: