The role of risk in the banking industry

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A year on from the royal commission into the ethical failures of Australia’s finance industry, you might wonder if the banks and insurance companies learned any lessons.

Westpac was recently caught in the most sordid scandal, when people using child pornography used the bank to transfer money to overseas accounts.

Meanwhile, AMP opened new accounts for aggrieved customers, without their knowledge, then charged them fees.

For one of Australia’s most respected experts in business ethics, sadly, it wasn’t a shock. Professor Elizabeth Sheedy of the Macquarie University Business School is co-author of a new study of unethical behaviour in major organisations.

Her paper won a major international award. It was triggered by one of the more shocking cases that emerged during the royal commission.  

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The role of risk in the banking industry