Current role: Chief Risk Officer, Retail Banking
Current organisation: Commonwealth Bank of Australia
Last role at PwC: Partner, Risk Advisory Services
Time at PwC: 1991 - 2012
Information current as of 10 May 2022.
What’s the one career achievement you’re most proud of?
The career achievement I’m most proud of is becoming the Chief Risk Officer of the retail bank of Australia’s biggest lender, CBA. Coming a close second is making Partner at PwC!
What’s been your biggest career challenge and how have you overcome it?
My biggest career challenge was being a witness at the Royal Commission while I was the CRO of the Wealth Division for ANZ. It was a grueling and intense few weeks and I learned how tough I was. It also caused me to reflect on my role as a senior executive in financial services and what I could learn from our and my, collective failings.
It has encouraged me to have a stronger voice beyond my positional power, to welcome the difficult question and to focus attention on the customer at all cost. While I wouldn’t wish the experience on anyone, it has made me a stronger and more confident executive and a more passionate advocate for our customers.
What’s the most valuable lesson you learnt during your career at PwC and how has that helped you get to where you are today?
I learned many incredible lessons. I effectively grew up in PwC, having joined as a graduate when I was 20, and leaving as a mature 40 year old! I made many life-long friends and I learned the value of hard work, professionalism and a learning ethos.
I remember it as the best time of my career; I worked in a number of different cities around the world and here in Australia, and had incredible mentors in Sandra Birkensleigh, Mike Codling, John Bromfield and Paul Kirk. Such mentors encouraged me, championed me and were incredibly generous. It was an honour to be invited to join such a successful partnership.
What was your dream job ‘growing up’ and why?
I remember visiting Brisbane from my sleepy, little Central Queensland coal mining town for the first time and looking up at all those skyscrapers thinking “I want to be a powerful businesswoman who is risk-aware, successful, doesn’t need a man, and has it all by 30”. Oh, how naïve I was!
How are you and your business making a difference for your customers, employees and society?
We put our customers at the heart of everything we do. We track NPS and forensically review customer complaints. We conduct surveys and research to listen to our customers and uncover the moments that matter most to them. This really came to the forefront during the pandemic and extreme weather events of the last two years, where our staff reacted swiftly and effectively to support our customers in a variety of ways, while often suffering personal impact at the same time.
As the focus on non-financial risks continues to increase, what do you believe will be the greatest threats to the banking industry over the next five years?
My thoughts on the greatest threats to the banking industry in the coming five years are:
- More diverse competition, with an increasingly fragmented market offering customers more alternatives;
- Heightened customer expectations for experience and value, shaped by non-financial and technology-led interactions, preferencing players without legacy constraints;
- Continuing to manage the uncertain macroeconomic and geopolitical conditions and heightened risks such as cyber crime to stay relevant to our customers; and
- Adapting swiftly enough to support our customers and community expectations through the climate and social change ahead of us.
Risks are often unpredictable and unexpected. What tools, resources or processes do you use to identify and mitigate potential risks?
The greatest tool we have is our judgement. We need knowledgeable risk professionals who know their domain, are curious and apply good judgement when thinking about the data, situation, risk in context and with the benefit of experience.
In addition:
- A consistent and practical framework which provides transparency and monitors health of the risk, compliance and control environment;
- Systems with dashboards and analytical capability to provide management with current and meaningful data; and
- A clear, effective governance structure all the way up to the Board with feedback loops and monitoring.
What advice would you give to those aspiring to enter the risk field?
You will be busy! Also… be courageous and speak up - always be guided by doing what is right by the customer and be curious about innovation and technology - and take opportunities to broaden your knowledge on emerging risks.
