Message from NAB Chairman, Philip Chronican
NAB’s self-assessment led by the Board in 2018 was a thorough and diligent examination of our governance, accountability and culture practices at NAB. We are intent on ensuring these learnings and challenges remain front of mind.
The Board is committed to ensuring NAB operates with greater rigour and discipline. We have the right foundations in place, and we are seeing evidence of progress. Sustainable change will take time and we will continue to measure, track and report our progress each year.
Delivering sustainable change
At the request of APRA, NAB commenced its self-assessment in June 2018 following the regulator’s Prudential Inquiry into the Commonwealth Bank of Australia.
NAB was the first bank to voluntarily release its self-assessment to the public in November 2018.
In response to the findings, 26 actions were identified to deliver structural, procedural and cultural change.
NAB is delivering an extensive and considered reform program based on these actions to achieve cultural and risk transformation. We are committed to strengthening our non-financial risk management and driving effective change to improve outcomes for customers and colleagues.
Our second progress report released on 11 November 2020 shows we’re making sustainable progress by addressing the root causes of our failings. It also shows we are holding ourselves accountable by tracking our performance in areas where we need to improve.
See below for detailed updates of our progress.
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