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BoQ’s embarrassing back-to-the-future risk failure

Bank of Queensland CEO Patrick Allaway has serious questions to answer as to how risk management shortcomings were allowed to fester for years. 

Why does it feel like 2018 all of a sudden?

Just a day after Chanticleer was transported back five years into the bland banking royal commission hearing room by a public address from commissioner Kenneth Hayne, Bank of Queensland has announced it will enter enforceable undertakings with the Australian Prudential Regulation Authority and the anti-money laundering agency AUSTRAC, in what can only be described as a throwback to the banking sector’s darkest days.

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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com

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    Original URL: https://www.afr.com/chanticleer/boq-s-embarrassing-back-to-the-future-risk-failure-20230531-p5dcq9