Macquarie’s latest run in with the corporate regulator – following a spate of broader risk management issues – raises questions about the marked slippage in the group’s longstanding ethos and mojo as a risk manager.

The Australian Securities and Investments Commission came out swinging against Macquarie on Wednesday, imposing additional licence conditions and calling out weak compliance and control management. The regulator also highlighted lax supervision at Macquarie, poor change management practices and, disturbingly, an “incomplete understanding” of its own processes and controls including data governance.