Matt Comyn, Paul O’Sullivan, Kellie Parker and Karen Wood say keeping tabs on culture takes serious work.
“I think you have to keep testing and challenging,” he says. “It comes from a chronic unease that things are OK, and they will be persistently. For me and for the board, we talked about this a lot: how do we continue that same level of scrutiny and challenge?”CBA’s job on this challenge has been made easier by the use of independent experts to assess its progress on the recommendations of the prudential inquiry and royal commission.
For CBA, the big blind spot was non-financial risk, where Comyn said there was a mix of naivety and arrogance. “We stopped really looking for outside voices, we rationalised a lot of things to ourselves.” For South32 chairwoman Karen Wood, understanding what life is really like on the company’s mine sites is a vital part of taking the organisation’s temperature.
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