ANZ 2022 Annual Report

Australia and New Zealand Banking Group Limited ABN 11 005 357 522
ANZ Centre Melbourne, Level 9A, 833 Collins Street, Docklands VIC 3008

3 November 2022

Market Announcements Office
ASX Limited
Level 4
20 Bridge Street
SYDNEY NSW 2000





ANZ 2022 Annual Report

Australia and New Zealand Banking Group Limited (ANZ) today released its 2022 Annual
Report.
It has been approved for distribution by ANZ’s Board of Directors.

Yours faithfully




Simon Pordage
Company Secretary
Australia and New Zealand Banking Group Limited

ANZ 2022

ANNUAL REPORT
WE’RE CONTINUING TO
SHAPE A WORLD WHERE PEOPLE
AND COMMUNITIES THRIVE

Contents
Overview
Our 2022 reporting suite 2
2022 performance snapshot 3
Chairman’s message 4
CEO’s message 6
How we create value
How we create value 8
What matters most
to our stakeholders 10
Our operating environment 11
About our business 12
Achieving our strategy 13
Our approach to societal challenges 14
Our approach to climate change 16
Our divisions 18
Governance 26
Risk management 36
Performance overview 44
Remuneration report 62
Directors’ report 104
Financial report 107
KPMG assurance 234
Shareholder information 244
Glossary 253
ANZ 2022 Annual Report

Since 1835, ANZ has been
building a better bank, increasingly
enabling customers to thrive. And

more than ever, we continue to
deliver our purpose creating even
greater opportunities through:
Propositions our customers love that
make it easier to develop and grow
in a sustainable way
Platforms that are flexible and resilient
and leverage the kind of innovative
technology that really makes a difference
in our lives
Partnerships that unlock new value
with a great foundation and network
to help our customers prosper
People that are great at what they do
and care about our customers and the
value we create
By giving individuals and businesses alike

the tools to grow, we help them achieve
a whole new level of financial wellbeing.
Many paths.
One Purpose.
ANZ 2022

ANNUAL REPORT

employees and the community through
the COVID-19 pandemic and strengthening
our approach to climate change and
human rights.
Annual Report structure
The various elements of the Directors’
Report, including the Operating and
Financial Review, are covered on pages 1
to 60. Commentary on our performance
overview contained on pages 44 to 60
references information reported in the
Financial Report pages 107 to 233.
The Remuneration Report on pages 62
to 103 and the Financial Report on pages
107 to 247 have been audited by KPMG.
KPMG also provides limited assurance over
Environment, Social and Governance (ESG)
content within this Annual Report. A copy
of KPMG’s limited assurance report over
the ESG content is on pages 242–243.
This report covers all ANZ operations
worldwide over which, unless otherwise
stated, we had control for the financial year
1 October 2021 to 30 September 2022.
Monetary amounts in this document
are reported in Australian dollars, unless
otherwise stated.
Additional information
We produce a suite of reports to meet the
needs and requirements of a wide range
of stakeholders.
Our 2022 Corporate Governance Statement
discloses how we have complied with
the ASX Corporate Governance Council’s
‘Corporate Governance Principles and
Recommendations – 4th edition’ and is
available at anz.com/corporategovernance.
This year is our first reporting against the
4th edition.
We will release our 2022 Climate-related
Financial Disclosures report prior to our
Annual General Meeting.
Our ESG Supplement provides stakeholders
with detailed ESG disclosures, including
performance against our ESG targets.
The following documents are available at
anz.com/shareholder/centre:
•News Release
•Consolidated Financial Report, Dividend
Announcement & Appendix 4E
•Results Presentation and Investor
Discussion Pack
•Annual Review
2

•Principal Risks and Uncertainties
Disclosure
•APS 330 Pillar III Disclosure
We are continually seeking to improve
our reporting suite and welcome
feedback on this report. Please address
any questions, comments or suggestions
to investor.relations@anz.com.
Our 2022
reporting suite
DISCLAIMER & IMPORTANT NOTICE:
The material in the Annual Report contains general background information about the Bank’s activities current as at 26 October 2022. It is information
given in summary form and does not purport to be complete. It is not intended to be and should not be relied upon as advice to investors or potential
investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered,
with or without professional advice when deciding if an investment is appropriate. The Annual Report may contain forward-looking statements or
opinions including statements regarding our intent, belief or current expectations with respect to ANZ’s business operations, market conditions, results
of operations and financial condition, capital adequacy, specific provisions and risk management practices. When used in the Annual Report, the words
‘forecast’, ‘estimate’, ‘project’, ‘intend’, ‘anticipate’, ‘believe’, ‘expect’, ‘may’, ‘probability’, ‘risk’, ‘will’, ‘seek’, ‘would’, ‘could’, ‘should’ and similar expressions,
as they relate to ANZ and its management, are intended to identify forward-looking statements or opinions. Those statements: are usually predictive in
character; or may be affected by inaccurate assumptions or unknown risks and uncertainties; or may differ materially from results ultimately achieved. As
such, these statements should not be relied upon when making investment decisions. These statements only speak as at the date of publication and no
representation is made as to their correctness on or after this date. Forward-looking statements constitute ‘forward-looking statements’ for the purposes
of the United States Private Securities Litigation Reform Act of 1995. ANZ does not undertake any obligation to publicly release the result of any revisions
to these forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
1. Australia and New Zealand Banking Group Limited (the Company) and the entities it controlled at the year end and from time to time during the financial year (together, the Group).
2. The 2022 Annual Review is comprised of pages 1 to 60, 248 to 249 and 257 to 258 of this Annual Report and a Remuneration Overview.
Integrated reporting
This report includes information on Australia
and New Zealand Banking Group Limited’s
1

financial and non-financial performance.
In preparing pages 1 to 60, we have drawn
on aspects of the International Integrated
Reporting Framework to describe how
our business model, strategy, governance
and risk management processes help us
manage risks and opportunities in our
operating environment and deliver value
for stakeholders. We outline our response
to external social and environmental
challenges, including how we are
continuing to support our customers,
2022 Annual Report
anz.com/annualreport
2022 ESG Supplement
anz.com/annualreport
2022 Climate-related
Financial Disclosures
anz.com/annualreport
2022 Corporate
Governance Statement
anz.com/corporategovernance
ANZ 2022 Annual Report
Overview
How we
create value
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information
2

1. On a cash profit (continuing operations) basis. Excludes non-core items included in statutory profit and discontinued operations and is provided to assist readers in
understanding the result of the ongoing business activities of the Group. For further information on adjustments between statutory and cash profit refer to page 45 .
2. Includes
individuals who have participated in more than one program (for example, people who have participated in MoneyMinded as part of Saver Plus are counted twice as they are
included in both the MoneyMinded and Saver Plus totals).
3. Equals total shareholders’ equity less total non-controlling interests, goodwill and other intangible assets divided
by the number of ordinary shares.
4. APRA Level 2. 5. Measures representation at the Senior Manager, Executive and Senior Executive levels. Includes all employees regardless
of leave status but not contractors (who are included in Full Time Equivalents (FTE)).
6. On average, across Australia and New Zealand. 7. In Australia and New Zealand.
146C
Total Dividend for 2022
per share
$6.5B
Cash profit¹
84%
employee engagement
More than
58K
participants in our financial
education programs²
$20.75
Net tangible assets per share³
228.8C
Earnings per share (Basic)¹
12.3%
Common equity Tier 1 Capital⁴
35.9%
of women in leadership⁵
10.4%
Cash return on equity¹
$40.04B
funded and facilitated in
sustainable solutions since 2019
Supported nearly
1.5M
customers in saving regularly⁶
Over
$4.4B
funded and facilitated to
deliver more affordable,
accessible and sustainable
homes to buy and rent
since 2018⁷
2022
performance
snapshot
ANZ 2022 Annual Report
Overview
How we
create value
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information
3

Paul O’Sullivan
Chairman
Chairman’s
message
During a period of significant
global uncertainty, all our divisions
contributed to a full-year statutory
profit of $7.12 billion, up 16% on the
prior year, driven by strong revenue
growth as well as disciplined cost
management.
As a result, we were pleased to pay a Total
Dividend of 146c, which was up 4c on 2021,
and meant more than $4.2 billion was
returned to you, our shareholders.
With the bank in good shape, we are also
prepared for a period of global uncertainty.
A key measure of strength, our
Common Equity Tier 1 Ratio of 12.3%¹
is well above the Australian Prudential
Regulation Authority’s “Unquestionably
Strong” benchmark of 10.5%.
We have maintained prudent reserves to
help weather any external shocks with a
collective provision balance of $3.9 billion,
while materially improving the shape and
composition of our lending book. An
example of this is how our investment
grade lending has increased by 50%
since 2016.
We also made good progress on the
continued digitisation of the bank with
the launch of ANZ Plus, where we have
effectively built a new retail banking
platform that will be the future foundation
of ANZ in Australia.
Another highlight for the year was the
agreement announced in July to acquire
Suncorp Bank.
While still subject to various Government
and regulatory approvals, this will provide
ANZ with a platform for growth for the
This was a year when we made significant
progress strengthening the bank for
the future while also delivering a solid
financial outcome for shareholders.
1. Pro forma CET1 of 11.1% when accounting for the recently
announced acquisition of Suncorp Bank.
4
ANZ 2022 Annual Report
Overview
How we
create value
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

coming decades, particularly in the
fast-growing Queensland market.
We believe this acquisition will help ANZ
compete more effectively in Queensland
and ultimately provide better services to
customers across Australia.
The associated $3.5 billion capital
raising was well received despite volatile
market conditions. It was the world’s
largest equity raise this calendar year
for a Mergers and Acquisitions (M&A)
transaction, structured in a way to
ensure all ANZ shareholders were
treated equally, and I’d like to thank
shareholders for their support.
The annual report also sets out our
approach to climate change and we know
this is important to all our shareholders.
We want to be the leading Australia and
New Zealand-based bank in supporting
customers’ transition to net zero emissions
by 2050. We also recognise we can have
the most impact by working with our
customers to reduce their emissions.
Our policy is to support customers through
the transition, backing their plans by
providing more finance for less emissions.
We have high expectations, particularly
for our customers in the energy sector.
We expect our energy customers’ plans
to be net-zero aligned, public and specific.
We acknowledge some stakeholders have
suggested that ANZ immediately cease
lending to companies in carbon-intensive
sectors like energy.
This approach may reduce ANZ’s exposures
or ‘financed emissions’. However, it does not
reduce emissions in the ‘real world’ if the
company receives funding from an alternate
source. We are also then precluded from
actively supporting the development of
their net-zero aligned transition plans.
Non-Operating Holding Company
Our core business is banking and that
won’t change.
However, to help us better compete
in the future we are introducing a new
corporate structure, known as a Non-
Operating Holding Company. This will be
subject to a shareholder vote in December.
Like other traditional banking businesses,
ANZ faces significant disruption, largely
from non-banking businesses competing
in financial services. Understandably, these
businesses are not regulated in the same
way as banks like ANZ.
The proposed structure will allow our
non-banking businesses to operate
on a more level playing field with non-
banking companies, while maintaining
an appropriate regulatory environment
for the bank as a whole.
These structures are not new and are
common for many financial institutions
around the world, including Barclays,
Lloyds Bank, DBS, Citigroup and HSBC
as well as Australian financial institutions
Macquarie and Suncorp.
This will help make our banking business
more efficient, providing us with greater
strategic and operational flexibility and,
importantly, allowing us to better meet
our customers’ needs.
All of your Directors intend to vote all the
ANZ shares they own or control in favour
of the Scheme. I would encourage you
to look at the detailed scheme booklet,
located at anz.com/schememeeting, which
sets out in more detail the benefits and the
costs of implementation of this proposal.
Board Renewal
I’d like to acknowledge the enormous
contribution of Graeme Liebelt who is
retiring from the Board at the upcoming
Annual General Meeting.
Graeme has given tireless service over
the last nine years, particularly in his roles
chairing the Human Resources and Risk
committees. I will personally miss his wise
counsel, strategic insight and experience.
It has been an honour to serve on the Board
with him and on behalf of all shareholders
I wish him well with his future endeavours.
I am also pleased to formally welcome
Jeff Smith who joined the Board in August
and will stand for election at the upcoming
AGM. Jeff is an experienced global business
and technology executive having been
Chief Information Officer at several
organisations – including IBM, Suncorp
and Telstra – and has already made a
significant contribution for shareholders.
Finally, I’d like to also thank my fellow
shareholders for their support in what
has been a transformational year and
acknowledge the more than 39,000
people who work tirelessly each day
for their customers.
Paul O’Sullivan Chairman
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ANZ 2022 Annual Report
Overview
How we
create value
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

CEO’s message
We go into the new year with solid
momentum and cash profit before
provisions excluding large/notable
items growing at 20% in the second
half, which is the fastest half-on-half
growth we have recorded in more
than a decade.
We also did what we said we would do.
We restored momentum in Australian home
loans with application approval times back
in line with industry peers. This was assisted
by our decision to bring Australia Retail
and Digital Transformation together as
one division.
We continued the re-platforming of
Australia Retail onto ANZ Plus, which is our
new digital bank, with deposits growing
at a rate faster than any new digital bank in
Australia. Around a third of those customers
joined ANZ for the first time.
In New Zealand, we maintained an industry
leading position across our key segments
while also reaching the final stages of BS11.
This was one of the largest regulatory
programs implemented in New Zealand
banking history. It now means we are well
positioned to focus on the future and
further build the franchise.
Institutional continues to benefit from
our multi-year transformation as rising
rates across the globe create favourable
conditions for the business.
The expansion of our platforms strategy,
where we lead the market in providing
banking services for other financial
institutions, resulted in the volume
of payments processed using ANZ’s
infrastructure growing by 85%. We also
continued to innovate in our approach
to digital assets, executing the first
ever Australian bank-issued Australian
dollar stablecoin.
Australia Commercial delivered a strong
first-up result as a stand-alone division
and is already benefiting from increased
focus and a refreshed strategy. A highlight
was the commencement of the ANZ
Worldline joint venture that will allow
us to provide business customers with
world-leading point-of-sale and online
payment technology.
We’ve achieved all this while also preparing
the bank for the future.
We agreed the acquisition of Suncorp
Bank which, if approved by government
and regulators, will provide an important
platform for growth, particularly in the
fast-growing and rapidly diversifying
Queensland economy.
Suncorp Bank is a well-run business that
will see more than one million new retail
customers join ANZ, sharing in the benefits
of a wider range of products and services.
It also means the Suncorp Group is able
to focus on its core mission of being the
best insurance company in Australia and
New Zealand.
The ‘non-operating holding company’
structure, which shareholders will have
the opportunity to vote on in December,
is another important step that will help
us further strengthen and grow our
core business.
We are a safer bank
We continued the systematic de-risking
of the bank, highlighted by the sale of our
margin lending business and the formal
separation of our Wealth businesses to
Insignia, formerly known as IOOF, and
Zurich last month.
Combined with the exit of Financial
Planning & Advice, as well as all the
associated remediation being at the
very final stage, we are the only major
bank in Australia to have removed the
risks associated with wealth management
for shareholders.
We further strengthened our loan portfolio,
particularly in Commercial and Institutional
banking, where we have deliberately exited
high-risk portfolios while increasing our
focus on investment grade lending.
During the year we invested significantly
to help prevent customers falling victim to
fraud as well as continually improving our
cyber defences.
A good example of this is the behavioural
biometrics capability we implemented
which has detected approximately 3,600
fraudulent applications, preventing nearly
$40 million of identity fraud.
While preventing cybercrime remains a
challenge for all businesses, we take our
role seriously and maintain a sophisticated,
24/7 internal Security Operations Centre,
analysing millions of events daily. As you
would expect, our team works closely with
other banks and government agencies
around the world to protect against the
ever-evolving cyber security threats.
ANZ Plus
As mentioned earlier, we launched this year
our new retail banking platform in Australia,
ANZ Plus.
ANZ Plus is effectively a new retail bank; one
that is focused on improving the financial
wellbeing of our customers. This is good for
customers and the early signs are promising
with solid deposit growth, particularly with
customers new to the bank.
A key feature of ANZ Plus is the ability
to easily save for multiple goals without
the need to open a new account. This is
important because we know a savings
habit is core to financial wellbeing.
We have seen strong growth in the number
of savings goals created with 45% of our
active customers taking advantage of the
functionality, compared with less than 5%
on our traditional platform.
ANZ Plus also has the very high levels
of security our customers and regulators
expect with market-leading fraud
prevention technology already having
a material impact.
We will begin moving existing customers
across to ANZ Plus while also piloting
a new digital home loan in the coming
weeks. This will see the introduction of a
fully automated digital home loan offering,
initially focused on the re-finance market,
later in 2023.
Sustainability
ANZ has been taking important steps to
not only reduce our own emissions but
also help our customers, particularly 100
of our largest emitting business customers,
reduce their emissions and enhance their
resilience to a changing climate.
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ANZ 2022 Annual Report
Overview
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create value
Performance
overview
Remuneration
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Directors’
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Financial
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information

Shayne Elliott
Chief Executive Officer
This has been a transformational year during
which we delivered a strong financial result
with all our divisions making a material
contribution, demonstrating the benefits of a
well-managed and diversified portfolio.
During the year we formed a strategic
partnership with Pollination, a market-
leading global climate change investment
and advisory firm, that will focus on the
transition needs of ANZ’s customers globally
in the areas of Sustainable Finance, Project
& Export Finance, Carbon Markets and
Corporate Advisory, including mergers
and acquisitions.
An example is the partnership we announced
in Australia with INPEX Corporation and
Qantas to explore a carbon farming and
renewable biofuels project in the Wheatbelt
region of Western Australia. This is an exciting
opportunity with two important customers
that has the potential to develop a domestic,
sustainable aviation fuel industry in Australia.
In New Zealand, we launched our Good
Energy Home Loan which allows customers
to borrow up to $80,000 at a 3-year fixed
rate of 1% to make their homes more
energy efficient. We also introduced a
similar initiative for business and corporate
customers, allowing them to access up
to $3 million at a special floating interest
rate for up to five years to be used on
environmental initiatives.
There are economic risks ahead, but we
are entering 2023 in great shape and with
positive momentum.
We have a balanced portfolio of businesses,
leadership in intermediating trade and
capital flows, particularly aligned to
sustainability and a strong balance sheet
which means ANZ is better positioned
than most for the opportunities ahead.
Finally, I want to thank the entire team
at ANZ for their ongoing commitment
to our customers and the community.
Our culture is strong, we have industry
leading employee engagement and we
have an embedded sense of purpose –
to shape a world where people and
communities thrive.
Shayne Elliott Chief Executive Officer
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ANZ 2022 Annual Report
Overview
How we
create value
Performance
overview
Remuneration
report
Directors’
report
Financial
report
Shareholder
information

To embrace the opportunities, address the risks presented by
the external environment and realise our vision, we are pursuing
four strategic imperatives to: create a simpler, better capitalised, better
balanced bank; build a superior experience for our people and customers
in order to compete in the digital age; focus our efforts on attractive
areas where we can carve out a winning position; and drive a purpose-
and values-led transformation of the bank.
How we
create value
Value driversOur strategy and business model
Products and services
Loans, transaction banking services,
deposits and other financial products
developed for our customers.
Finance
Access to capital through customer
deposits, debt and equity investors,
and wholesale markets to support our
operations and execution of our strategy.
People
Engaged workforce with the skills
required to reinvent banking, in
line with our purpose and culture.
Technology, data and
risk management
Flexible, digital-ready infrastructure
to provide a great customer experience,
with systems and processes that are
less complex, less prone to error and
more secure.
Social
Trusted relationships with our
customers, business partners
and the community to strengthen
our brand and reputation.
Environment
Minimising the impact of our operations,
including through:
•The customers we choose to bank
•How we design and distribute
our products
•Collaboration with partners
Better financial
outcomes
for shareholders
and staff
Better access
to capital and
talent, driving
greater capacity
to invest well
Better customer
propositions that
are purposeful,
engaging, efficient
and safe
Better financial
wellbeing and
sustainability outcomes
for customers and
the community
Better reputation
among customers
and the community,
and higher workforce
engagement
Better customer
engagement,
and greater use
of our products
and services
Better data,
insights, risk
decisions and
pricing
Better acquisition
and retention
rates, and higher
share of target
customers
Our customers will have
relatively better financial
wellbeing, more sustainable
practices and generate higher
average lifetime value
ANZ 2022 Annual Report
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create value
Performance
overview
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information
8

...creating value for our stakeholders
1
Shareholder value
We generate stronger long-term
financial results (in terms of sustainable
economic profits) enabling shareholders
to meet their goals.
Customer value
Our customers are financially better
off over their lifetime and implement
more sustainable business practices
than others.
Employee value
Our diverse teams are engaged
and optimised for success.
228.8C
cash earnings per share (Basic)
2
10.4%
cash return on equity
2
Proposed final dividend
per share of
74C
and interim dividend
per share of 72 cents
$374B
home loan portfolio, increase
of $6 billion in 2022 (Australia
and New Zealand)
Business lending balance
3

$93B
(Australia and New Zealand)
$357B
Retail & Business customer deposit
balances (Australia & New Zealand) and
$259 billion of Institutional deposits
84%
employee engagement
35.9%
Women in leadership
$5.3B
in employee salaries and benefits
Community value
Our practices and services
provide more opportunity for the
community and we have supported
and improved positive economic
development and transition.
Funded and facilitated over
$4.4B
to deliver more affordable,
accessible and sustainable homes
to buy and rent since 2018
4
$3.4B
in taxes paid to government
5
More than
58K
people reached through
our financial literacy programs
MoneyMinded and Saver Plus
6
$40.04B
Funded and facilitated
in sustainable solutions
since 2019
1. All figures below relate to the period 1 October 2021 – 30 September 2022 unless otherwise stated. 2. On a cash profit (continuing operations) basis. Excludes non-core
items included in statutory profit and discontinued operations and is provided to assist readers in understanding the result of the ongoing business activities of the Group.
For further information on adjustments between statutory and cash profit refer to page 45 .
3. Includes Private Bank. 4. In Australia and New Zealand. 5. Represents statutory
income tax expense (including discontinued operations), unrecovered GST/VAT, employee related taxes, and other taxes/duties.
6. Includes individuals who have participated
in more than one program (for example, people who have participated in MoneyMinded as part of Saver Plus are counted twice as they are included in both the MoneyMinded
and Saver Plus totals).
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What matters most
to our stakeholders
Through our materiality assessment,
we seek to identify those issues with
the most potential to impact our
ability to operate successfully and
create value for our shareholders
and other stakeholders. We
engage with internal and external
stakeholders to inform our
identification of and responses
to ESG risks and opportunities.
We use the results to inform our strategy,
ESG targets, group remuneration scorecard
and external reporting.
This year, our materiality assessment again
highlights the importance of continuing to
act on climate change. Greenwashing was
identified as an emerging topic.
The importance of information security
has increased commensurate to the scale
and sophistication of scams targeting
individuals. This is part of a broader
theme of payments system safety.
Innovation and technology is recognised
as foundational to providing customers
with a digitally connected experience,
while also ensuring the responsible
use of emerging technologies.
Customer experience is determined by
the products we offer customers and
the value they deliver, and ensuring we
have empathetic and helpful processes
for when things go wrong, such as
managing complaints and for customers
in financial difficulty. This is of particular
importance given the emerging impact
of macroeconomic conditions on the
cost of living and housing affordability.
As staff return to workplaces, employee
capability and wellbeing, including mental
health, was viewed as essential to maintain
an engaged and resilient workforce.
Top 5 material issues:
Climate change
Managing the business risks and
opportunities associated with climate
change. Includes the role we play in
supporting our customers to transition
to a low carbon economy.
Information Security
Policies and processes in place to
protect our systems, data and customers
against scams and cyber attacks. Includes
customer access to personal data.
Innovation and technology
Keeping pace with digital innovation
to ensure we are offering our customers
reliable and convenient products and
services in a rapidly changing market.
Customer experience
Delivering value and improved customer
experience through appropriate financial
products and services for all customers,
small business and personal.
Employee capability and wellbeing
Attracting and retaining a capable and
engaged workforce, that is diverse and
inclusive, helping us serve our customers
better and drive strong business performance
across the markets in which we operate.
Includes supporting the physical and
mental health and wellbeing of employees.
Insights from the assessment were
presented to our executive Ethics and
Responsible Business Committee and
Board Ethics, Environment, Social and
Governance Committee.
Our material ESG issues are ‘mapped’
to the bank’s Key Material Risks on
pages 40–42.
The full list of our material ESG issues
and key steps in the materiality
assessment process are discussed in
our 2022 ESG Supplement available
at anz.com/annualreport
Detailed information on other ways
in which we have engaged with
stakeholders is also included in the
2022 ESG Supplement.
ANZ 2022 Annual Report
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10

Our operating
environment
CHALLENGEOUR RESPONSE
•Consumers are facing abrupt cost
of living adjustments through rises
in prices of energy and other items,
and more recently, interest rates
•After a period of strong growth,
credit growth is moderating – driven
by lower demand for housing credit
Rising inflation
and interest rates,
and moderating
credit growth
•Effectively assessing borrowers’ resilience to rising rates
•Ensuring consumers are offered financially appropriate
products and services
•Dealing appropriately with customers experiencing
financial hardship or needing extra care
•Adjusting our staff salaries appropriately
•Ongoing competitive intensity,
from both ‘traditional’ and new,
digitally-enabled competitors
Increased
competition
•Deploying new and improved digital services, products
and processes to help meet customer needs for
efficient and accessible banking
•Investing in underlying technology and systems
to establish more flexible and responsive platforms
•Challenges arising from regulatory
expectations, and changing community
standards and expectations, particularly
as they relate to ESG
Increased public
and regulatory
scrutiny
•Ensuring our products and services are appropriate
for customers
•Building trust by ‘doing what we say’
•Working cooperatively with regulators, government
and NGOs
•Strengthening our ESG policies and processes and
ensuring we implement them effectively – transparently
disclosing our progress
•Increasing regulatory, political and
societal focus on the transition risks
associated with climate change,
including financial risks associated
with lending to customers impacted
by climate change
Climate change and
biodiversity loss
•Providing sustainable banking and finance products and
services, such as green and sustainability-linked loans and
bonds, that drive the transition to a low carbon economy
•Strengthening our strategy, policies, processes, products
and services to manage the risks and opportunities
associated with climate change and biodiversity loss
•Heightened tension in our operating
regions and other nations, affecting
the global economy and creating
significant societal disruption
Geopolitical
tension
•Contingency plans have been developed for
our medium-to-higher risk jurisdictions with
trigger events identified and monitored
•Increased cyber-attacks,
scams and attempted fraud
Cyber-security
threats
•Ongoing investment in cyber-security and scams
detection capabilities and raising customer
awareness as to the relevant risks
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About our
business
Our divisions
Australia Retail – serves retail customers
across Australia through our branch
network, ATMs, digital and mobile
banking applications including ANZ Plus.
Australia Commercial – serves commercial
and private banking customers across
Australia through our business centres,
digital and mobile banking applications.
Institutional – serves institutional and
business customers across Transaction
Banking, Loans and Specialised Finance
and Markets.
New Zealand – serves retail and commercial
banking customers in New Zealand and is
one of the largest New Zealand companies
based on profit and assets.
Pacific – provides products and services to
retail and commercial customers located in
the Pacific Islands, where our history dates
back 139 years.
Group Centre – provides support to the
operating divisions, including technology,
property, risk management, financial
management, strategy, marketing,
human resources and corporate affairs.
Our purpose and strategy
Our purpose is to shape a world where
people and communities thrive. It explains
‘why’ we exist and drives everything we
do at ANZ, including the choices we make
each day about those we serve and how
we operate.
We bring our purpose to life through our
strategy; to improve the financial wellbeing
and sustainability of customers through
excellent services, tools and insights that
engage and retain them, and help positively
change their behaviour.
Through our purpose we have elevated
areas facing significant societal challenges
aligned with our strategy and our reach
which include commitments to:
•Improving the financial wellbeing of
our people, customers and communities
by helping them make the most of their
money throughout their lives;
•Supporting household, business
and financial practices that improve
environmental sustainability; and
•Improving the availability of suitable
and affordable housing options for
all Australians and New Zealanders.
In particular, we want to
help customers:
$
Save for, buy and own
a liveable home
$
Start or buy and sustainably
grow their business
$
Move capital and goods around
the region and sustainably grow
their business
Fundamental to our approach is a
commitment to fair and responsible
banking – keeping pace with the
expectations of our customers, employees
and the community, behaving fairly
and responsibly and maintaining high
standards of conduct, as well as addressing
issues identified through our annual
materiality assessment.
We provide banking
and financial products
and services to around 8.5
million retail and business
customers, and operate
across 32 markets.
Our expertise, products
and services make us a
bank. Our people, purpose,
values and culture make
us ANZ.
12
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Achieving
our strategy
Integrating ESG and purpose into our strategy has created an
opportunity for us to better serve our customers and generate
long-term shareholder value.
We will achieve our strategy
through...
Propositions our customers love... with
easy-to-use services that evolve to meet
their changing needs.
Through better use of data we will be able to
provide valuable insights about our customers
and how they can improve their financial
wellbeing and sustainability over their lifetime,
enabling us to create superior propositions.
Flexible and resilient digital banking
platforms... powering our customers
and made available for others to power
the industry.
Platforms underpin our own propositions
and will increasingly underpin those of
our customers, notably other banks or
institutional corporations.
Partnerships that unlock new value...
with ecosystems that help customers
further improve their financial wellbeing
and sustainability.
We recognise that no one institution can do
everything or innovate at the pace necessary
to satisfy customers’ needs – strong
relationships with partners are therefore vital.
Purpose- and values-led people... who
drive value by caring about our customers
and the outcomes we create.
Our people listen, learn, adapt and
do the right thing the first time – delivering
the outcomes that address financial and
sustainability challenges.
Building the financial wellbeing
and sustainability of our customers
creates a positive cycle of benefits. It
directly benefits customers and also
grows shareholder returns; it leads to
a strong and positive reputation; it
ultimately means it costs less to acquire
customers; and it grows loyalty, which in
turn generates better returns – delivering
more capital so we can invest in building
a better bank and continue to improve
the lives of our customers.
Our values
Our values shape how we deliver
our purpose-led strategy. They are the
foundation of ‘how’ we work – living our
values every day enables us to deliver
on our strategy and purpose, strengthen
stakeholder relationships and earn the
community’s trust. All employees and
contractors must comply with our Code of
Conduct, which sets down the expected
standards of professional behaviour
and guides us in applying our values.
Our values are:
Integrity
Collaboration
Accountability
Respect
Excellence
Supporting sustainable
development
We are committed to the United
Nations Sustainable Development
Goals (SDGs) and believe that
business has an important role
to play in their achievement.
Our 2022 ESG targets supported
12 of the 17 SDGs.
In 2019 we became a founding
signatory to the UN Principles for
Responsible Banking. Under the
Principles we are required to set
at least two targets that address
our most significant (potential)
positive and negative impacts,
aligned with the SDGs and the
Paris Climate Agreement.
Further information on our
progress towards implementing
the Principles, including targets
we have set, is in our 2022
ESG Supplement.
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Our approach
to societal challenges
We’re focused on bringing our
purpose to life through helping
tackle complex issues that are core
to our business strategy and matter
to society. This work is underpinned
by our commitment to fair and
responsible banking and informed
through our materiality assessment.
Performance against our Environment,
Social and Governance (ESG) targets and
further information on our ESG approach
can be located in our ESG Supplement
available at anz.com/annualreport
Improving the availability of
affordable and sustainable
housing, and supporting customers
through a changing economy
We remain committed to helping improve
the availability of suitable and affordable
housing options for all Australians and
New Zealanders. Our work spans many
sub-sectors of the market such as affordable
housing, specialist disability accommodation,
aged care and homelessness, as well as
working with community partners to
provide housing for people in need of
additional support.
We have targets to:
•Fund and facilitate $10 billion of
investment by 2030 to deliver more
affordable, accessible and sustainable
homes to buy and rent in Australia and
New Zealand. Since 2018 we have funded
and facilitated over $4.4 billion towards
the target.
•Support more customers into healthier
homes in New Zealand by 2025.
Since 2020 we have supported
1,446 households in New Zealand.
We strive to support our customers to
achieve their home ownership goals in
a way that also improves their financial
wellbeing. This includes ensuring home
loan customers are financially informed
about the details of their mortgage, have
borrowed within their means, and are
resilient to potential future events.
During the pandemic, our default response
was to keep repayments at the same level
to help Australian customers get ahead
on their mortgage, meaning we did not
automatically reduce minimum repayments
as interest rates decreased. This assisted
customers to build repayment buffers
ahead of rising interest rates in Australia.
With interest rates on an upwards trajectory
across many geographies and costs for both
discretionary and non-discretionary items
growing, staying on top of household
budgets and mortgage repayments has
been a key issue for our customers. We are
using real-time transaction data to adopt
a proactive approach to identifying and
contacting customers heading towards
difficulty to discuss how we can help
them before they get into trouble.
To help our customers buy and
own a home, this year in Australia
we increased our home loan balance
by $6 billion to $284 billion
and our home loan balance in
New Zealand grew NZ$8 billion
this year to NZ$101 billion.
Improving the financial
wellbeing of our people,
customers and communities
Financial wellbeing is at the heart of
the bank we’re building to create better
financial outcomes and resilience for our
customers. This is particularly important
as our customers navigate an economic
environment with rising interest rates and
cost of living challenges.
We are committed to improving the
financial wellbeing of our people, customers
and communities by helping them make
the most of their money throughout their
lives. We continue to work closely with
our partners to ensure we are supporting
customers and the community in a
respectful, fair and appropriate way.
Image: Assemble Kensington resident Sophie.
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Supporting employee
capability and wellbeing
ANZ’s strong and inclusive culture, built
over decades, has supported our people to
maintain a strong alignment to our strategy
and purpose while the majority of our
workforce continued to work flexibly as the
impacts of the pandemic lingered in some
geographies. This strong culture supported
team connectivity and contributed towards
a high level of engagement despite a period
of significant change.
As employees have started to return to the
office, we’ve evolved and simplified the
behaviours that will continue to build our
future success. Our new behaviour framework
was introduced in February 2022.
Our behaviours:
Create opportunities
Deliver what matters
Succeed together

Peoples’ needs and expectations of when
and where they work have changed, and
we know that our employees are seeking
value from their day-to-day work.
Responding effectively to this is a key
enabler of a stable, future-fit workforce.
For many years, we have successfully
operated a workforce based across multiple
geographies and supported flexibility for all
roles. We are committed to hybrid working
and the pandemic has uplifted our flexible
working capacity and capability. Key to this
is how we support our people leaders and
teams to create opportunities, deliver what
matters and succeed together while working
in a hybrid, flexible manner. We continued
to provide psychological and ergonomic
support to our workforce, who have worked
from home for the majority of the year.
We are future proofing our workforce in the
face of a turbulent external environment
and a volatile talent market by focusing on
the most important capabilities that will
drive our strategic agenda. This year we
have continued to invest in key capabilities
such as Engineering, Cloud, Data and
Digital, and Customer Coaching.
ANZ is well positioned to attract and retain
talent, and our people tell us that they join
and stay because we offer challenging,
interesting and complex work that matters.
They are empowered to work in a way that
suits them and ANZ, and because they want
to belong to a community that celebrates
the value of diversity.
Our focus on employee wellbeing and how
we are future-proofing our workforce builds
on our long history of support for employee
diversity, underpinned by a strong culture.
We help our people thrive in an internal
environment that continues to adapt and
evolve to ever-changing external demands.
Fair and responsible banking
Underpinning everything we do is a
commitment to fair and responsible
banking. Keeping pace with the
expectations of customers, employees
and the wider community, while behaving
fairly, responsibly and maintaining high
standards of conduct. We are committed
to supporting customers in times of need
and ensuring our products and services
are accessible and inclusive to all.
We continue to make progress implementing
our strategy to assist customers who may
require extra care and those facing financial
difficulty in Australia. We are focused on
delivering better customer outcomes by
strengthening frontline capability and
proactive external engagement, as well as
improving product design and data use to
improve accessibility and limit harm.
We have improved support for customers
by changing the way we manage and think
about customer complaints. We have been
embedding a culture where complaints are
valued as an opportunity to learn, improving
products and services, and delivering better
customer outcomes. We strive to deliver
excellent products and services to our
customers but if we get things wrong,
we want to know, and seek to resolve
complaints with empathy and fairness.
The expanded use of digital and real
time payments has made it easier for
criminals to move funds quickly and easily
through various accounts, and ultimately
offshore, making recall and recovery
increasingly difficult. We are investing
in new technology and tools to protect
our customers from scammers looking
to steal their data and money.
This year we launched the
first ANZ Plus retail banking
proposition, taking a digital-first
approach to designing banking
products which drive positive
financial wellbeing outcomes
for customers.
At the heart of ANZ Plus
are nine financial wellbeing
principles which aim to impart
knowledge, provide clarity and
empower customers to make
better financial decisions:
1
Spend less than you earn
2
Put money aside
for a rainy day
3
Save regularly
towards your goals
4
Protect what you
can’t afford to lose
5
Borrow within your means
6
Pay your most
expensive debt first
7
Build towards
your retirement
8
Invest in things that grow
9
Give back to family, friends
and the community
when you can
We play a key role in the
community by leading
considerations into what is
influencing financial wellbeing
and applying insights from
research to our financial education
programs, Saver Plus and
MoneyMinded. These programs
involve close collaboration with
partners from the community
and government sectors.
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Our approach to climate change
We want to be the leading Australia-
and New Zealand-based bank in
supporting customers’ transition
to net zero emissions by 2050.
Our environmental sustainability strategy
identifies priority sectors, technologies and
financing opportunities to help achieve our
ambition. Our climate change commitment
provides the framework for our strategy and
our commitment to enable the transition by
aligning our lending portfolio with net zero
emissions by 2050. We joined the Net-Zero
Banking Alliance (NZBA) in 2021, reflecting
that commitment.
The most important role we can play in
meeting the Paris Agreement goals is to
help our customers reduce emissions and
enhance their resilience to a changing
climate. We support an orderly transition that
recognises and responds to social impacts.
This aligns with our purpose to shape a world
in which people and communities thrive.
To achieve our environmental sustainability
strategy we are:
•Directing our finance into key priority
areas (as per diagram to the right);
•Aligning our lending decisions to
the Paris Agreement goals and have
disclosed metrics and targets for
our power generation portfolio and
large-scale commercial buildings;
•Progressively developing metrics and
targets for key sectors, in line with our
NZBA commitment, which is aimed at
ensuring the majority of our portfolio
emissions are covered by end 2024;
•Funding and facilitating $50 billion of
sustainable solutions by 2025, to support
customers in their efforts to achieve
improved environmental outcomes,
including the reduction of their
greenhouse gas emissions. This year,
140 transactions worth $18.09 billion
have been completed, bringing our
progress towards our $50 billion target
to $40.04 billion since October 2019;
•Equipping our employees with a deeper
understanding of climate risks and
opportunities focusing on our Institutional
bankers in key customer segments such
as resources, energy and Agribusiness;
•Reducing emissions from our operations
including a target to increase renewable
energy use to 100% by 2025 and setting
updated targets for our environmental
footprint;
•Implementing strategic partnerships,
for example with climate advisory and
investment firm, Pollination;
•Actively participating in recognised
industry associations to help shape
policy development and settings to
enable the development of taxonomy
and standards; and
•Engaging constructively with
stakeholders on our approach through
Environmental, Social and Governance
(ESG) market briefings, investor
roundtables, civil society engagement
and other avenues.
Refer to our ESG Supplement
available at anz.com/annualreport
for an update on our ESG Targets.

1. Supporting sustainable resource extraction in areas such as iron ore, lithium, nickel, cobalt, rare earths, copper and bauxite. 2. Supporting basic materials production including green
steel and low-carbon aluminium production.
3. Supporting new technology projects focused on upstream hydrogen and carbon capture use and storage. 4. Initial focus on financing
high-efficiency residential buildings and retrofits.
5. Supplying green investment options for environmental sustainability-focused funds/insurers and partnering with financial institutions
to deliver alternative capital.
Supporting our customers to transition to net zero
Key priority areas and sectors we’ll pursue
Supporting sustainability
in resource extraction¹,
basic materials² and
new technologies³
Banking the
decarbonisation and
electrification of
the transportation
value chain
Increasing our
support for
companies'
transition to
low carbon
Enabling the
transition towards
lower emissions
buildings⁴
Assisting
sustainable food,
beverage and
commodities
practices and
supply chains
Offering solutions to,
and partnering with,
sustainability-focused
financial institutions⁵
Our 2022 Climate-related Financial Disclosures will be released prior to our
Annual General Meeting (AGM). This will be our sixth report using the Task Force
on Climate-related Financial Disclosures, (TCFD) recommendations and will be
available at anz.com/annualreport. This report will provide a more detailed update
on our approach to climate change including our customer engagement program.
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Our progress on the task force on Climate-related Financial Disclosures
Disclosures on our ESG Targets are outlined in our ESG Supplement and our detailed 2022 Climate-related Financial Disclosures
will be released prior to our AGM and will be available at anz.com/annualreport
OUR PROGRESS TO DATEFOCUS AREAS – 2022/23
•Board Risk Committee oversees management of climate-related risks
•Board Ethics, Environment, Social and Governance (EESG) Committee
approves climate-related objectives, policy and targets
•Ethics and Responsible Business Committee (ERBC) consisting of executive
management oversees our approach to climate-related risks and opportunities
•Climate Advisory Forum, chaired by our Group Executive Institutional,
supports execution of our climate-related policy, opportunities and
disclosures, subject to approval by ERBC and EESG
•Enhance alignment with Australian Prudential Regulation
Authority (APRA) CPG229 guidance on Climate Change
Financial Risks and the New Zealand Financial Sector
(Climate-related Disclosures and Other Matters)
Amendment Act 2021
Governance

Strategy

•ANZ’s Environmental Sustainability Strategy and Climate Change
Commitment (available at anz.com.au/about-us/esg/environmental-
sustainability/climate-change/) confirms our support for the Paris
Agreement goals, our priority sectors, technologies and financing
opportunities via products and services to help achieve our ambition and
our focus in supporting customers’ transition to net zero emissions by 2050
•Continue to engage with 100 of our largest emitting business
customers to support them to, by end 2024:
–implement and strengthen their low carbon transition plans and
–enhance their efforts to protect biodiversity.
•Continue to enhance banker capability to identify climate risks
and opportunities
•Extend transition plan engagement with other large emitting
business customers into our regular customer assessments
•Pilot the Taskforce on Nature-related Financial Disclosures (TNFD)
Risk management

•Included climate risk in our Risk Appetite Statements for Institutional
bank, and lending criteria in the Australian Retail, Commercial and
New Zealand portfolios
•Enhanced credit approval process applied to new Agribusiness customers
and agricultural property purchases in regions of low average rainfall or
measured variability
•Reviewed and assessed current and emerging regulatory requirements
across the jurisdictions in which we operate
•Developed and piloted Climate Change Risk Assessment methodology
in our Project Finance business (Australia)
•Participated in the Australia Prudential Regulation Authority’s (APRA)
climate vulnerability assessment which assessed the potential impact
of transition and physical risks to parts of our portfolio
•Completed analysis of physical and financial risks of flooding for home
loan customers in a major regional location of Australia and of coastal
flooding (nationwide) and inland flooding (Auckland) for the Reserve
Bank of New Zealand’s climate sensitivity analysis (New Zealand)
•Prepare a set of climate risk standards, based on regulatory
obligations to be applied across all jurisdictions where ANZ operates
•Extend our Climate Change Risk Assessment methodology beyond
our Project Finance business, starting with Institutional customers
in higher emitting sectors such as resources and energy
•Develop a data strategy to inform our approach to sourcing and
integrating climate data into sectoral pathways, scenario analysis,
stress testing and analytics. This will include learning from the
New Zealand climate risk program
•Enhance risk assessment capability for our bankers through
extending our Climate Change Risk Assessment
•Extend analysis of physical climate risks of fire and flood to segments
of Australian retail customers
•Conduct scenario analysis for key New Zealand sectors
•Conduct analysis of drought vulnerability for our Agricultural
portfolio (Australia and New Zealand) and the impacts of a
change in carbon price (New Zealand)
Metrics and targets

•Transition Risk: Continued engaging 100 of our largest emitting business
customers, to support them towards a ‘well developed’ or ‘advanced’ stage
of transition planning; and enhance their efforts to protect biodiversity,
by end 2024
•Capital Deployment: $50 billion target to fund and facilitate sustainable
solutions by 2025, $40.04 billion achieved to date
•Greenhouse gas (GHG) emissions: Develop metrics, pathways and targets
to enable progress tracking as we reduce ‘financed emissions
1
’. Announced
targets for large-scale commercial property and power generation (November
2021) in line with our commitment to the Net Zero Banking Alliance
•GHG emissions: Target to procure 100% renewable electricity for ANZ’s
operations by 2025
2
, and reduce emissions in line with Paris Agreement goals
•Management incentives for delivering our climate change strategy
are in place at the most senior levels of the organisation including our
Group Executive Committee and senior leaders. Our Group Performance
Framework incorporates whether we have: Strengthened our position
as a leading Sustainability bank in the region, and our performance
against the S&P Global corporate sustainability assessment. Refer to
page 79 of the Remuneration Report
•Expand our metrics, pathways and targets for ‘financed
emissions’ to other key sectors
•Develop financed emissions reporting across majority of the
New Zealand portfolio
•Consider the use of emerging metrics to track our progress
in helping to minimise biodiversity loss
1. Scope 3 emissions attributable to lending. 2. Self-generated renewable electricity, direct procurement from offsite grid-connected generators e.g. Power Purchase Agreement (PPA)
and default delivered renewable electricity from the grid, supported by credible attributes in accordance with RE100 technical guidelines.
17
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Our divisions
Australia Retail
This year we’ve delivered strong
returns by growing momentum
in our home loans and deposits
business. We’ve invested in the
foundation of our future bank, ANZ
Plus and helped more customers
with simple banking needs switch
to mobile and digital channels.
Maile Carnegie
Group Executive Australia Retail
Operating environment
Economic activity recovered in 2022,
in part due to a strong housing market
and employment growth, however high
inflation and increasing cost-of-living
pressures are front of mind for our Retail
customers. Competition for home loans
has intensified further with Retail customers
across the sector proactively engaging
with mortgage providers and third-party
originators leading to increased levels
of refinance activity in the industry.
Our Retail customers continue to display
positive financial wellbeing behaviours –
offset accounts continue to grow; a large
portion of our home loan customers
remain ahead in their repayments; and
savings have increased for those without a
mortgage. Faced with a higher interest rate
environment, support established through
the peak of the COVID pandemic remains in
place for our customers who are navigating
uncertainty or having difficulty managing
their loans. Comfort with and trust of digital
and mobile banking channels continues to
increase among customers.
Looking ahead to 2023, we face a more
subdued lending environment and
increased demands on customer cashflows.
We remain focused on growing revenue
responsibly and committed to our
automation and simplification initiatives
to help reshape our business, deliver easy,
personalised services to our customers
and sustainably grow returns for our
shareholders over the long-term.
Strategy and focus
Our strategy in Australia Retail is to support
our customers to achieve their financial
goals, in a way that also helps improve
their overall financial wellbeing.
For our one million home loan customers,
this means making sure they are financially
informed about their mortgage, that it’s
within their means and they are resilient
to potential future events.
This year we’ve built momentum in
our home loans business by improving
turnaround times, enhancing our
processing capacity, and simplifying
our home loan product offering.
We’ve also invested in tools like the
home loan calculator to help our
customers understand how changes to
interest rates will impact their repayments,
and a free home loan check-in to help them
find ways to fine-tune their home loan so
it continues to meet their needs.
We’ve invested in building the foundation
of our future business, ANZ Plus, with 20
modern cloud-based technology platforms
now in place and working at scale. We have
launched the first ANZ Plus transaction
and savings product with deposits growth
outpacing any new digital bank in Australia.
Efforts to migrate our current ‘transact and
save’ account customers from ANZ to ANZ
Plus will continue to be a focus into 2023
and beyond.
We’ve been helping customers make
the move to digital and mobile channels,
so they can bank when and where it is
most convenient for them. We launched
the Message Us feature in the ANZ App –
a secure way for our customers to ask
questions regarding their personal
accounts, including Home Loans, inside
the app. Customers can now receive
comprehensive help through a messaging
experience without having to call or
visit a branch. We also introduced Broker
Chat, a real-time ‘live chat’ function via
the ANZ Broker Portal for brokers to easily
obtain an expected credit response date
on an application, check on the assessment
for applications and organise call backs
from assessors.
1. On a cash profit (continuing operations) basis. Excludes non-core items included in statutory profit and discontinued operations and is provided to assist readers in understanding the result
of the ongoing business activities of the Group. For further information on adjustments between statutory and cash profit refer to page
45.
Cash profit ($m)
Growth
-8%
2,14 0
2, 316
FY22
FY21
Growth
2%
290.3
284.0
FY22
FY21
Net Loans & Advances ($b)
Return on Avg. RWAs (%)
1.8%
2 .1%
FY22
FY21
Growth
6%
150. 0
141.4
FY22
FY21
Customer Deposits ($b)
Financial Performance Cash continuing
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Image: Open layout in one of ANZ’s award-winning new branches.
Ongoing customer remediation work
continues to progress well, and we remain
committed to growing our revenue
responsibly and reinvigorating our product
offering to ensure we get things right for
our customers the first time.
Looking ahead, we want to be the leading
destination for homeowners and for people
who are serious about one day owning a
home. We’ll be the bank customers trust to
better anticipate their needs and help them
make the most of their money throughout
their lives – whether they are just starting
to save, ready to purchase their first home
or paying off the family home quicker than
planned. Progressing our ANZ Plus home
loan offering will be a key factor in this and
is a core priority for 2023.
Performance highlights
The Retail and Digital businesses were
combined in Australia this year, creating a
new Australia Retail Division to increase focus
on customers’ needs and better position the
business for future opportunities. With an
emphasis on responsible growth, amidst
a challenging operating environment,
the Australia Retail Division delivered
Cash Profit of $2.1 billion.
Improvements in operational capacity
and resilience helped restore Home Loan
momentum, with volume growing $5.9
billion in the second half. This was achieved
while balancing margins and returns in
an extremely competitive environment.
Customer deposits were up $8.5 billion
in the year, representing a 6% increase
on the prior year. Many customers are still
demonstrating a cautious approach and
increasing their savings buffers. In the
rising-rate environment, customers are
also moving their money from at-call
products back to term deposits.
Disciplined cost management saw a
reduction in run-the-bank expenses, while
the Division continued to invest for the future.
This saw substantial progress on ANZ Plus,
as well as the modernisation of the contact
centre and physical branches to better
support our digital transformation journey.
The changing face
of customer service
Enhancing the branch experience
Our customers continue to expect convenient, flexible and
comprehensive digital banking options, many shifting towards
higher levels of self-service, with just eight per cent of our customers
relying solely on branches for their everyday banking needs.
Over-the-counter cash and cheque
transactions declined 20 per cent
YOY for the past two years and ATM
transactions declined by 18 per cent
in FY22, while the number of customers
using digital channels increased
steadily – 43 million transactions were
completed in digital channels and
digital logins increased 15.4 per cent.
This increased uptake of digital
channels and services has shifted
the expectations of customers when
it comes to face-to-face interactions
with our bankers. The role of bankers
has changed significantly and we’re
responding by adapting our bricks and
mortar presence to enable staff and
customers to focus on digital adoption
and financial wellbeing conversations,
rather than just transactions.
We’ve rolled out new branch formats
across 32 locations and are piloting two
ANZ Plus stores to meet the demand
from our customers who now often visit
a branch by appointment when they
want help with more complex needs,
like home loans or improving financial
wellbeing. It is at these times that
relationships and coaching are critical.
We have also built the principle of
self-service into ANZ Plus, with a
comprehensive support section housed
in the app. Customers can query
suspicious transactions; lock, block,
cancel or reorder their card; search
years of transaction history and change
their email address, postal address,
Tax File Number, PIN and more – all in
the app. We will continue to build-in
convenient self-service options as the
ANZ Plus product suite expands.
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Our divisions
Australia Commercial
This year we announced Australia
Commercial as a new division to
better prepare it for future growth
opportunities. Improving the
visibility, focus and accountability
of Commercial enables us to better
support customers striving to
start, run, or grow their businesses.
Shayne Elliott
CEO/Interim Group Executive,
Australia Commercial
Operating environment
Australia’s small-to-medium business
(SME) sector experienced moderate
growth against a backdrop of intermittent
COVID-19 related shutdowns, high inflation,
increasing input costs, supply chain issues,
and workforce shortages. Adapting to the
operating conditions, we continued to see
many customers invest, better manage
costs, and pivot their businesses towards
new market opportunities.
With the unemployment rate reaching
a 50-year low, employee vacancies were
an ongoing issue for many customers
particularly for businesses in regional
Australia. This downward trend is expected
to continue until early 2023 which will likely
put upward pressure on wages, further
increasing costs for some businesses.
While inflation and interest rate rises
lowered consumer confidence, consumer
spending remained relatively strong
creating buoyancy across the sector. Higher
mortgage payments, and price increases for
essential goods and services could inhibit
future spending although savings buffers,
population growth and accelerating wages
should limit any impacts.
Strategy and focus
Australia Commercial provides banking
products and services to ~630,550
Australian small and medium businesses,
as well as high net-worth, private banking
customers across Australia. Our ~2,800
Commercial employees include bankers
and specialists working across all industry
sectors who assist customers manage
working capital, optimise cash-flow and
support growth with business loans, asset
finance, and transaction banking. Australia
Commercial also works closely with
ANZ’s Retail and Broker teams to deliver
customers’ home lending needs.
Through our direct customer relationships
and a strong broker network, our
Commercial lending increased by 4%
during FY22. This result was also driven
by the introduction of several self-service
features and enhancements to both
internet banking and the ANZ App. In
a first for a major Australian bank, eligible
customers can join ANZ and open a
business transaction account in just a few
minutes via ANZ’s app using a driver’s
licence or passport, and an ABN, creating a
fast and simple onboarding experience.
We also expanded our suite of business
management tools and personalised digital
experiences to help our customers be
financially ready. This includes investment
in online business lending platforms such as
ANZ GoBiz which uses customer accounting
data to enable online applications for
unsecured overdrafts up to $300,000 and
term loans up to $500,000, with lending
approvals issued in less than 48-hours.
The platform assists customers with both
cash-flow and investment opportunities.
This work resulted in ANZ being awarded
Canstar’s 2022 Bank of the Year – Small
Business, which recognised our business
banking products, services, and customer
satisfaction relative to peers.
Aligned with building our digital
capabilities, in April we commenced
ANZ Worldline Payment Solutions, a
joint venture with leading European
payments provider Worldline.
The new joint venture will provide ANZ
Commercial and Institutional customers in
Australia access to market-leading point-
of-sale and online payment technology.
1. On a cash profit (continuing operations) basis. Excludes non-core items included in statutory profit and discontinued operations and is provided to assist readers in understanding the result
of the ongoing business activities of the Group. For further information on adjustments between statutory and cash profit refer to page
45.
Cash profit ($m)
Growth
36%
1,510
1,107
FY22
FY21
Growth
4%
59.7
5 7. 2
FY22
FY21
Net Loans & Advances ($b)
Return on Avg. RWAs (%)
2.9%
2 .1%
FY22
FY21
Growth
1%
112 . 2
111.1
FY22
FY21
Customer Deposits ($b)
Financial Performance Cash continuing
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As customers refocused and rebuilt
following the COVID-19 pandemic, we
continued to look for ways to further
support investment. This included an
increase in our maximum loan term for
eligible small business customers from
15-years to 30-years for facilities secured
by standard commercial property.
In addition, we simplified our refinance
process for business lending up to $1m for
eligible customers, creating quicker loan
approvals and access to appropriate capital.
Performance highlights
Australia Commercial delivered a strong
first set of financial results as a standalone
division, increasing cash profit by 36%
and revenue by 18% year-on-year. This
result was driven by volume growth and
disciplined margin management, assisted
by the rising rate environment. Expenses
were also tightly managed.
Net loans and advances grew 4% driven
by strong lending growth in our specialist
segments which include agribusiness,
health, and property. Our larger Commercial
customers had the strongest credit appetite,
while smaller business customers continued
to prioritise financial solutions to aid
cash-flow.
Customer deposit growth of 1% was more
subdued this year, following unprecedented
government support during COVID-19 in
the prior year. An improvement in our risk
adjusted returns also demonstrated the
continued strength in the credit quality
of our Commercial loans.
Building a gem of a business
with help from ANZ GoBiz
Customer story
Brisbane jeweller and Managing Director Ashley Portas is
funding the next growth chapter of his successful jewellery
store, Diamondport, with help from an ANZ GoBiz loan.
Founded in 2015 with an initial import
focus, the family business expanded
four years later when it established its
own workshop to enhance its design
and production services. This led to
65% year-on-year growth and opened
the door to new opportunities.
“When you grow this fast, you need
more money to grow. Suddenly,
we found ourselves needing more
diamonds, new tools, more rings to
market and sell,” said Ashley.
To support the next growth phase Ashley
decided to apply for a $200,000 business
loan. After approaching an online lender
and his existing bank, Ashley discovered
ANZ GoBiz offered a more convenient
digital-enabled alternative.
“I found the ANZ GoBiz offer online
and really liked what I saw. It only took
me 20 minutes to apply,” said Ashley.
“I applied on a Wednesday and was
approved by Friday,” Ashley said. “I had
no problems sharing my accounting
details and banking information with
ANZ, and I found it so refreshing to see
a bank like ANZ put their trust in us.”
Now, with finances in place,
Diamondport is expanding its portfolio
of engagement rings. Alongside
traditional designs like solitaire and
halo, the team is creating more unique
and bespoke engagement ring designs
to appeal to a wider customer base.
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Our divisions
Institutional
In the past year, some of the
headwinds facing Institutional
started to pivot to tailwinds, driving
momentum in key businesses.
Customer lending was robust,
and we made significant progress
delivering on our strategy – including
through our digital offering, platforms
and sustainability partnerships.
Mark Whelan
Group Executive Institutional
Operating environment
In 2022, Institutional customers remained
resilient despite economic challenges,
market volatility and geopolitical issues.
In a clear signal that investment is
strengthening, we saw significant demand
for lending even as inflation and interest
rates rose and consumer sentiment
declined. Our business was well positioned
for the market conditions, underpinning a
solid performance in Payments and Cash
Management, Trade and Corporate Finance.
A sharp climb in energy prices brought
issues such as climate change and
energy policy to the forefront of the
global economic debate, intensifying our
strategic focus on supporting customers
in their transition to net zero. Geopolitical
uncertainty continued, highlighting
the importance of a reliable banking
partner with a strong international trade
network and a deep understanding of
global markets.
Strategy and focus
ANZ Institutional Bank is focused on
supporting companies moving goods
and capital around the region. Our past
efforts to build a simpler, more efficient
Division positioned us well to respond
quickly to our customers’ needs through
the pandemic and provide support during
a challenging period.
In 2022, we made significant progress in
delivering strategic initiatives, including
growing the Markets' customer-franchise
business, maximising benefits from our
international network, implementing
an improved customer coverage model,
building on our digital self-service offering,
rolling out more efficient digital credit
processes and establishing a market-leading
Digital Asset Services Team.
We also focused on extending our platforms
as a service to customers. The volume of
agency payments, processed by financial
institutions for their customers, using ANZ’s
infrastructure, grew 85% year-on-year.
Overall payments volumes grew 52%, as
we continued to invest in digital platforms.
We continued to build our position
as a regional leader in environmental
sustainability, participating in $155 billion
of sustainable finance deals in FY22
while rolling out sustainability education
programs internally. Looking ahead,
we see increasing opportunities for our
customers as a result of the super cycle
of activity that is underway.
Performance highlights
ANZ Institutional delivered a strong
performance, with a cash profit of
$1.8 billion while revenues were up 1%
for the year and 10% half-on-half. The
high-quality result was achieved despite
challenging market conditions, reflecting
strong customer momentum and effective
margin management. In addition, lending
momentum remained robust, up 24%
year-on-year.
ANZ also maintained our position as the
region’s leading Institutional bank in key
markets where we operate. In Australia,
we were named #1 Lead Institutional bank
for overall market penetration for the 7th
consecutive year by Peter Lee Associates
2
.
In New Zealand, Peter Lee Associates
recognised ANZ as #1 for Overall Market
Penetration and Lead Bank Penetration,
and #1 for Relationship Strength.
3

1. On a cash profit (continuing operations) basis. Excludes non-core items included in statutory profit and discontinued operations and is provided to assist readers in understanding the result
of the ongoing business activities of the Group. For further information on adjustments between statutory and cash profit refer to page
45. 2. Peter Lee Associates, Australia Large Corporate
Relationship Banking 2016–2022.
3. Peter Lee Associates, New Zealand Large Corporate Relationship Banking 2022.
Cash profit ($m)
Growth
-7%
1,761
1, 887
FY22
FY21
Growth
24%
19 6. 8
158 . 2
FY22
FY21
Net Loans & Advances ($b)
Return on Avg. RWAs (%)
0.9%
1.1%
FY22
FY21
Growth
8%
259.4
239.6
FY22
FY21
Customer Deposits ($b)
Financial Performance Cash continuing
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4. Peter Lee Associates, Australia Large Corporate
Relationship Banking 2021–2022.
5. Peter Lee Associates,
New Zealand Large Corporate Relationship Banking 2022.
In International, we held our top ranking
for overall relationship quality in Asia for
the fifth consecutive year according to the
Coalition Greenwich 2021 Asian Large
Corporate Banking Study.
Our focus on environmental sustainability
was recognised in the market, with ANZ
named market leader in Environmental,
Social and Governance (ESG)/Sustainable
Finance in Australia
4
for the second
consecutive year and ESG Bank of Choice
in New Zealand
5
, according to Peter Lee
Associates.
In addition, ANZ formed a strategic
collaboration with INPEX Corporation
and Qantas Airways Limited to enter into
a Memorandum of Understanding, for a
project bringing together carbon farming
and renewable biofuels in the Wheatbelt
region of Western Australia. We also
launched a comprehensive hydrogen
guide to support customers in exploring
opportunities associated with the emerging
sector’s rapid commercialisation.
ANZ led the market in our approach
to digital assets, successfully
executing the first ever Australian
bank issued Australian dollar
stablecoin (A$DC) payment through
a public permissionless blockchain
transaction. The team delivered the
stablecoin for Victor Smorgon Group,
closely followed by the purchase of
tokenised Australian carbon credits
using the new stablecoin.
ANZ leads landmark tokenised
carbon credits transaction
A milestone transaction and partnership
ANZ has taken an important next step in progressing its digital
asset strategy, supporting long-standing customer Victor Smorgon
Group in successfully purchasing tokenised Australian carbon
credits (BCAU) using the ANZ-issued stablecoin A$DC.
This is an important step for ANZ as
the bank explores greater circulation
of the stablecoin. In this transaction,
Victor Smorgon Group used A$DC as a
medium of exchange to purchase the
BCAU carbon tokens from Zerocap,
an Australian digital asset investment
platform. Zerocap sourced the BCAU
from BetaCarbon, which tokenises
Australian Carbon Credit Units (ACCUs)
into digital tokens, with each
representing 1kg of carbon captured.
This transaction is also significant as it
provided A$DC/BCAU liquidity, while
offering both Victor Smorgon Group and
Zerocap redemption rights for A$DC.
This latest A$DC transaction came after
ANZ successfully executed the first
Australian-bank issued Australian-dollar
stablecoin payment through a public
permissionless blockchain transaction in
March. A$DC remains fully collateralised
by the Australian dollar and is
redeemable at par with funds held
in an ANZ-managed reserve account.
Victor Smorgon Group CEO Peter
Edwards said: “Victor Smorgon Group
is one of Australia’s most established
and successful family offices, operating
across multiple asset classes, including
digital assets. Through the Zerocap
platform and continuing our multi-
generational working relationship with
the ANZ Bank, we are excited to now
have an Australian dollar stablecoin
giving us a safe and secure gateway
to the digital economy.”
ANZ Banking Services Lead
Nigel Dobson said: “This milestone
transaction brings together two key
focus areas for ANZ, sustainability and
digital assets. We’re seeing increasing
customer appetite to use A$DC to enter
the digital economy, and will continue
to partner with our clients to explore
how this technology can help them
achieve their goals.”
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Our divisions
New Zealand
We are proud of our many
achievements over this year and the
role we will continue to play to help
Kiwis navigate the months ahead.
With the pace and scale of change
across the world, it will be essential
to continue to adapt and help
our personal and business
customers stay focused on
long-term financial wellbeing.
Antonia Watson
CEO of New Zealand
Operating environment
Rapidly rising interest rates, inflation
and heightened commodity prices have
become a reality at home and around the
globe. Economic disruption fuelled by
the war in Ukraine and continued supply
chain issues add to the challenges that we
knew would linger as long as COVID-19
was around.
While we successfully navigated the year
alongside our customers, there’s been a
noticeable shift in consumer sentiment
and it’s clear the broader environment has
become increasingly challenging for many.
The data tells us many customers are more
resilient than many may think – making
the right moves by prioritising home loan
repayments, savings and paying down
credit card debt. We continue to work
with our business customers on sustainable
financing solutions – where borrowing
more is often not the answer. Being well
capitalised provides important assurance
for our customer base.
Strategy and focus
Despite the onslaught of COVID-19 and
being required to work from home for
much of the past two years, our accelerated
strategy work has progressed well. In that
time, we’ve delivered a number of projects
beneficial to customers and staff, such
as voice-identity confirming proof of a
bank account in goMoney, digital multi-
authorisation for payments, automated
customer communications, and digital
home loan rate refixing among others.
The speed of customers’ adoption of our
digital banking tools has continued at pace,
with an increase of 81,000 active users since
March 2020. The pandemic has accelerated
the decline in over-the-counter branch
transactions by 40%. Technology will
continue to be central to how we make
things easier for staff and customers.
We’re bringing forward a major project
to install a modern banking platform that
is “cloud-based”, providing us with more
flexibility to quickly add functions for our
customers and staff. By moving to a modern
banking platform we will have a new core
system which can continue to deliver
reliable, efficient and secure services for
our customers.
That’s why we’ve also lifted this program
above our strategic acceleration work
and given it a foundational title: “Ngā
Tapuwae o ANZ – The Footsteps of ANZ”.
Ngā Tapuwae is our statement about
ensuring quickness of feet either in the
depths of our intellectual pursuits or
physical prowess. Ngā Tapuwae calls
for us all to transform as a bank, in a
fleet footed manner, to serve the needs
of an ever-changing customer base and
Aotearoa New Zealand.
We recently launched our Good
Energy Home Loan, which allows
customers to borrow up to $80,000
at a 3-year fixed rate of 1% to make
their homes more energy efficient.
This was followed by our ANZ Business
Green Loan, the first product of its kind in
the market. Our Business and Corporate
customers with environmental initiatives
that meet eligibility criteria can access
funding of up to $3 million at a special
floating interest rate for up to five years.
Customers can also re-finance existing
business loans if they meet the criteria.
Importantly, it’s the only advertised
loan in market aligned to internationally-
recognised Green Loan Principles (GLP)
for assets that demonstrate a clear
environmental benefit.
Cash profit (NZ$m)
Growth
10%
1,768
1,607
FY22
FY21
Growth
4%
14 0.4
13 4 . 5
FY22
FY21
Net Loans & Advances (NZ$b)
Return on Avg. RWAs (%)
2.3%
2.2%
FY22
FY21
Growth
5%
108.0
102. 3
FY22
FY21
Customer Deposits (NZ$b)
Financial Performance Cash continuing
1
1. On a cash profit (continuing operations) basis. Excludes non-core items included in statutory profit and discontinued operations and is provided to assist readers in understanding the result
of the ongoing business activities of the Group. For further information on adjustments between statutory and cash profit refer to page
45.
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Supporting a more sustainable
and self-sufficient future
Customer story
Changes to the social, physical and ffnancial operating
environment mean businesses must become more sustainable
and energy-eficient.
There is a growing sense that if they
are to survive and thrive in a warmer
world, they must adapt, invest in
technology and become more
self-suficient and resilient.
One Canterbury business demonstrates
this in spades. Hagley Windows and
Doors – set up by builder Geoffi Ball – has
grown from having just two employees
in 1983 to more than 190 today.
In recent years, Hagley has invested
millions of dollars in computer-
controlled robotic glass-cutting and
double-glazing machines, giving it an
edge over competitors.
Its high-tech double-glazed window
units are a growing part of its business,
and now help make thousands of homes
and businesses in the South Island
warmer, dryer and more energy eficient.
The company has also made substantial
investments in solar power for its own
premises.
It takes considerable power to run a
factory the size of two football ffelds,
dozens of machines and an energy-
hungry glass-toughening furnace.
To meet some of these electricity
demands, the company has put
its abundant roof space to work,
installing over 2900 solar panels.
It is one of the largest solar arrays in
the South Island, and now generates
over 20 per cent of the company’s
power requirements.
As the country’s largest bank, we’re
seeing our customers increasingly
turning to us for support and help
as they consider how best to adapt
and invest in their future.
As with any investment, making a
business more sustainable comes at
a price, but our Business Green loan
removes some of that cost barrier.
It is currently the only advertised green
loan product in the market available
to business customers and linked to
the Green Loan Principles.
ANZ has led the way with sustainable
ffnance for our Institutional Business
customers and we’re proud to now
offier a Business Green Loan which will
support many more businesses start
down the road of becoming more
sustainable, resilient and self-suficient.
ANZ’s People Agenda is critical to the
performance of our bank. This year
saw the launch of Tākiri Ā Rāngi – ANZ
New Zealand’s Te Ao Māori strategy out
to 2040. We are committed to growing
cultural competency and understanding
of Te Ao Māori (the Māori world view) with
our staff and enhancing the financial
wellbeing of Māori.
This year we released a report called
Watch Women Win, which examined the
motivations for, and obstacles preventing,
women’s success. A key finding was women
are inspired by seeing other women
celebrated for doing well. We undertook
a number of engagements throughout
the year meeting successful women and
hearing and sharing their stories.
In February we also launched our Equity,
Diversity and Inclusion Strategy, ‘Bringing
EDI to Life’. This supports our business to
create an equitable and inclusive workplace
where the diversity of our workforce in its
broadest sense can be leveraged to the
benefit of our customers and Aotearoa
New Zealand.
Performance highlights
New Zealand delivered another strong
year with Cash Profit of NZ$1.77 billion.
Home lending continues to be a key driver
for us. We increased our share of the New
Zealand home loan market over the year,
from 30.38% in September 2021 to 30.51%
in August 2022.
Lending to Business and Institutional
customers also grew, increasing by NZ$900
million over the first half. Overall, Business
and Institutional customers managed well
through the COVID-19 disruptions in the
first half of the financial year.
Our Contact Centre is experiencing
increasing demand. We’ve seen an increase
in customer calls, particularly related to
an uptick in fraud and scam cases, the
wind-up of Bonus Bonds, interest rates
and a surge in home loan rollovers.
Our Staff Foundation distributed over
NZ $1.1 million in donations to 93 charities
across New Zealand.
25
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GovernanceBoard of
Directors
ANZ’s strong governance framework
provides a solid structure for
effective and responsible decision-
making within the organisation.
The Board is responsible for the oversight
of ANZ and its sound and prudent
management, with specific duties
as set out in its charter available at
anz.com/corporategovernance.
There are six principal Board Committees –
the Audit Committee, the Ethics,
Environment, Social and Governance
Committee, the Risk Committee, the
Human Resources Committee, the Digital
Business and Technology Committee and
the Nomination and Board Operations
Committee.
Each Committee has its own charter
setting out its roles and responsibilities. At
management level, the Group Executive
Committee comprises ANZ’s most senior
executives. There is a delegation of
authority framework that clearly outlines
those matters delegated to the CEO and
other members of senior management.
For further detail on ANZ’s governance
framework see our 2022 Corporate
Governance Statement available at
anz.com/corporategovernance.
Full biography details can be found
on our website at anz.com/directors
and on pages 31-35 of this report.
Corporate governance framework
CHIEF EXECUTIVE OFFICER
GROUP EXECUTIVE COMMITTEE
SHAREHOLDERS
BOARD OF DIRECTORS
Digital Business and
Technology Committee
Ethics, Environment, Social
and Governance Committee
Human Resources Committee
Audit Committee
Nomination and Board
Operations Committee
Risk Committee
BOARD RESERVED POWERS AND
DELEGATION OF AUTHORITY
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Paul O’Sullivan
Chairman, Independent
Non-Executive Director
Shayne Elliott
Chief Executive Officer,
Executive Director
Ilana Atlas, AO
Independent
Non-Executive Director
Christine O’Reilly
Independent
Non-Executive Director
Jeff Smith
Independent
Non-Executive Director
Jane Halton, AO PSM
Independent
Non-Executive Director
RT Hon Sir John Key, GNZM AC
Independent
Non-Executive Director
Graeme Liebelt
Independent
Non-Executive Director
John Macfarlane
Independent
Non-Executive Director
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Directors’ meetings
The number of Board, and Board Committee, meetings held during the year and each Directors’ attendance at
those meetings are set out below:
Board
Risk
Committee
Audit
Committee
Human
Resources
Committee
Ethics,
Environment,
Social and
Governance
Committee
Digital
Business and
Technology
Committee
Special
Committee
of the Board
Committee
of the Board¹
Nominations
and Board
Operations
Shares
Committee¹
ABABABABABABABABABAB
Paul O’Sullivan
1818888877664411114433
Ilana Atlas, AO
181888776611114411
Paula Dwyer
2
44222222
Shayne Elliott
1818112222
Jane Halton, AO PSM
181877664444
RT Hon Sir John Key,
GNZM AC
18178866441144
Graeme Liebelt
1818888877112244
John Macfarlane
1818888844111144
Christine O’Reilly
3
1616667754112244
Jeff Smith
4
1111
Column A Indicates the number of meetings the Director was eligible to attend as a member. Column B Indicates the number of meetings attended. With respect to Committee
meetings, the table above records attendance of Committee members.
1. The meetings of the Committee of the Board and Shares Committee as referred to in the table above include
those conducted by written resolution.
2. Paula Dwyer ceased as a Non-Executive Director on 16 December 2021. 3. Christine O’Reilly commenced as a Non-Executive Director on
1 November 2021.
4. Jeff Smith commenced as a Non-Executive Director on 1 August 2022.
“The Board continues to focus on immediate and longer-term strategic
matters. The Board closely monitored the rapidly changing operating
environment, including inflation and interest rates and the continuing
impact of COVID-19, together with ANZ’s approach to dealing with those
matters in alignment with ANZ’s purpose.”
Paul O’Sullivan
Chairman
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Maile Carnegie
Group Executive Australia Retail
Joined the Executive Committee
on 27 June 2016
Shayne Elliott
Chief Executive Officer (appointed CEO
on 1 January 2016)
Joined the Executive Committee
on 1 June 2009
Kevin Corbally
Group Chief Risk Officer
Joined the Executive Committee
on 19 March 2018
Gerard Florian
Group Executive Technology
Joined the Executive Committee
on 30 January 2017
Farhan Faruqui
Chief Financial Officer (appointed CFO
on 11 October 2021)
Joined the Executive Committee
on 1 February 2016
Kathryn van der Merwe
Group Executive Talent & Culture
and Service Centres
Joined the Executive Committee
on 1 May 2017
Mark Whelan
Group Executive Institutional
Joined the Executive Committee
on 20 October 2014
Antonia Watson
Chief Executive Officer New Zealand
Joined the Executive Committee
on 17 June 2019
Executive Committee
Full biography details can
be found on our website
at anz.com/exco
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Board areas of focus
The Board and its Committees
engage in key strategic, governance
and oversight activities each year.
The topics below are illustrative
to provide stakeholders with an
insight into some of the key matters
considered by the Board and
its Committees during the 2022
financial year and is not intended
to be a comprehensive list.
Strategy and growth
During the financial year, the Board
and its Committees continued to focus
on longer-term strategic matters.
In addition to participating in regular
strategy sessions, the Board regularly
discussed and reviewed ANZ’s strategic
and growth priorities.
At each regular Board meeting, there
continued to be unstructured discussion
with the Chief Executive Officer in relation
to the progress of Management’s key
priorities as agreed with the Board.
The Board also received regular reports
on progress (from both a strategic/
operational viewpoint and a technology
viewpoint) in the design and build and
implementation, including customer
migration strategy, relating to ANZ Plus.
Mergers & Acquisitions was a key topic
of consideration during the year with
discussions taking place at both regular
and specially convened Board meetings
in relation to key potential transactions
that have been disclosed to the market,
including the acquisition of Suncorp Bank.
At the Interim Results in May, ANZ
announced its intention to apply for
approval to implement a non-operating
holding company structure. The Board
received regular reports throughout the
year on the strategic rationale and details of
how such a revised structure would work in
practice, including in relation to governance
and operations. The Board played a key role
in the ultimate design and application of
the proposed revised structure.
Risk, regulation and reputation
The Board Risk Committee and the Board
played a key role in reviewing the Group’s
approach to managing non-financial risk
and the design and implementation
of ANZ’s revised operational risk and
compliance framework.
The Board and its Committees continued
their oversight of the Group’s risk
appetite settings.
The Board continued to meet with ANZ’s
key Australian regulators during the course
of the year with the purpose of maintaining
constructive two-way dialogue.
The Board also received regular education and
briefing materials and held education sessions
on key areas such as sanctions, competition
law and cyber security, as well as participating
in Banking Executive Accountability Regime
(BEAR) scenario training.
Financial/Operational
While the Board and its Committees have
had a strong focus on the long-term future of
the Group, the Board (and its Committees)
maintained an equally strong focus on the
current performance of the Group, including:
•Reviewing and ultimately approving
ANZ’s revised structure for its Australia
Retail & Commercial businesses.
•Having regular and broad discussions
with the heads of each major business
regarding the performance of their
business, key issues being focused
on and the ongoing changes in the
operating environment.
•Receiving regular reports on the
performance of the Australian home loans
business against the backdrop of the
rapidly changing operating environment.
•Reviewing, challenging and ultimately
endorsing ANZ’s operating and strategic
plans, both annual and longer-term.
•Providing oversight of key capital
management matters, including the
approval of the recent renounceable
entitlement offer.
Changing operating environment
The Board and its Committees closely
monitored the rapidly changing operating
environment, including geopolitical matters,
inflation and interest rates and the continuing
impact of COVID-19, together with ANZ’s
approach to dealing with those matters.
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Directors’ qualifications,
experience and special
responsibilities
As at the date of this report, the Board comprises eight Non-Executive Directors
and one Executive Director, the Chief Executive Officer. The names of the current
Directors, together with details of their qualifications, experience and special
responsibilities are set out below. Jeff Smith joined the Board on 1 August 2022
as a Non-Executive Director and will stand for election as a Director at ANZ’s
AGM on 15 December 2022. Paula Dwyer ceased as Non-Executive Director
on 16 December 2021, after serving on the Board since 2012. Graeme Liebelt
will cease as a Non-Executive Director at the conclusion of the 2022 AGM.
Paul O’Sullivan
ChairMember
Position
Chairman, Independent
Non-Executive Director
Qualifications
BA (Mod) Economics, Advanced
Management Program of Harvard
Responsibilities
Chairman since October 2020 and
a Non-Executive Director since
November 2019.
Paul is an ex-officio member of all Board
Committees and Chair of the Ethics,
Environment, Social and Governance
Committee and Nomination and Board
Operations Committee.
Career
Paul has experience in the
telecommunications and oil and gas
sectors, both in Australia and overseas.
He has held senior executive roles with
Singapore Telecommunications (Singtel)
and was previously the CEO of Optus. He
has also held management roles with the
Colonial Group and the Royal Dutch Shell
Group in Canada, the Middle East, Australia
and United Kingdom.
Relevant other directorships
Chairman: Singtel Optus Pty Limited (from
2014, Director from 2004) and Western
Sydney Airport Corporation (from 2017).
Director: St Vincent’s Health Australia (from
2019) and Australian Tower Network Pty Ltd
(from 2021).
Relevant former directorships
held in last three years include
Former Director: Telkomsel Indonesia
(2010–2020), Healthscope Limited (2016–
2019), National Disability Insurance Agency
(2017–2020) and Coca-Cola Amatil (2017–
2021) .
Age 62 years
Residence Sydney, Australia
Digital Business and
Technology Committee
Ethics, Environment,
Social and Governance
Committee
Human Resources
Committee
Audit Committee
Nomination and Board
Operations Committee
Risk Committee
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Shayne Elliott
Position
Chief Executive Officer
and Executive Director
Qualifications
BCom
Responsibilities
Chief Executive Officer and Executive
Director since 1 January 2016.
Career
Shayne has over 30 years’ experience in
banking in Australia and overseas, in all
aspects of the industry. Shayne joined ANZ
as CEO Institutional in June 2009, and was
appointed Chief Financial Officer in 2012.
Prior to joining ANZ, Shayne held senior
executive roles at EFG Hermes, the largest
investment bank in the Middle East, which
included Chief Operating Officer. He started
his career with Citibank New Zealand and
worked with Citibank/Citigroup for 20 years,
holding various senior positions across the
UK, USA, Egypt, Australia and Hong Kong.
Shayne is a Director of the Financial Markets
Foundation for Children and a member of
the Australian Banking Association, the
Business Council of Australia and the
Australian Customs Advisory Board.
Relevant other directorships
Director: ANZ Bank New Zealand Limited
(from 2009) and the Financial Markets
Foundation for Children (from 2016).
Member: Business Council of Australia
(from 2016), the Australian Banking
Association (from 2016, Chairman
2017–2019) and the Australian
Customs Advisory Board (from 2020).
Age 58 years
Residence Melbourne, Australia
Ilana Atlas, AO
ChairMember
Position
Independent Non-Executive Director
Qualifications
BJuris (Hons), LLB (Hons), LLM
Responsibilities
Non-Executive Director since September
2014. Ilana is Chair of the Human Resources
Committee and is a member of the Audit
Committee, Ethics, Environment, Social and
Governance Committee and Nomination
and Board Operations Committee.
Career
Ilana brings a strong financial services
background and legal experience to the
Board. Ilana was a partner at law firm
Mallesons Stephen Jaques (now King
& Wood Mallesons), where in addition
to her practice in corporate law, she held
a number of management roles in the firm
including Executive Partner, People and
Information, and Managing Partner. She
also worked at Westpac for 10 years, where
her roles included Group Secretary and
General Counsel and Group Executive,
People, where she was responsible
for human resources, corporate affairs
and sustainability. Ilana has a strong
commitment to the community, in
particular the arts and education.
Relevant other directorships
Chairman: Jawun (from 2017, Director
from 2014).
Director: Paul Ramsay Foundation (from
2017), Scentre Group (from 2021) and
Origin Energy Limited (from 2021).
Member: Panel of Adara Partners (from
2015) and Council of the National Gallery
of Australia (from 2021).
Relevant former directorships
held in last three years include
Former Chairman: Coca-Cola Amatil
Limited (2017-2021, Director from 2011).
Former Director: OneMarket Limited
(2018–2019).
Former Fellow: Senate of the University
of Sydney (2015–2019).
Age 68 years
Residence Sydney, Australia
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Jane Halton, AO PSM
ChairMember
Position
Independent Non-Executive Director
Qualifications
BA (Hons) Psychology, FIPAA, Hon. FAAHMS,
Hon. FACHSE, Hon. DLitt, FAIM, FAICD, FAIIA
Responsibilities
Non-Executive Director since October 2016.
Jane is Chair of the Digital Business and
Technology Committee and is a member of
the Human Resources Committee, Ethics,
Environment, Social and Governance
Committee and Nomination and Board
Operations Committee.
Career
Jane’s 33-year career in the public service
includes the positions of Secretary of the
Australian Department of Finance, Secretary
of the Australian Department of Health,
Secretary for the Department of Health
and Ageing, and Executive Co-ordinator
(Deputy Secretary) of the Department of
the Prime Minister and Cabinet.
She brings to the Board extensive
experience in finance, insurance, risk
management, information technology,
human resources, health and ageing and
public policy. She also has significant
international experience.
Jane has contributed extensively to
community health through local and
international organisations including the
World Health Organisation and as co-chair
of the COVAX coordination mechanism.
Relevant other directorships
Chairman: Vault Systems (from 2017),
Coalition for Epidemic Preparedness
Innovations (Norway) (from 2018, Member
from 2016) and Council on the Ageing
Australia (from 2017).
Director: Clayton Utz (from 2017).
Member: Executive Board of the Institute
of Health Metrics and Evaluation at the
University of Washington (from 2007).
Honorary Professor: Australian National
University Research School of Psychology.
Adjunct Professor: University of Sydney
and University of Canberra.
Council Member: Australian Strategic
Policy Institute (from 2016).
Relevant former directorships
held in last three years include
Former Director: Crown Resorts Limited
(2018–2022) and Naval Group Australia
Pty Ltd (2021–2022).
Former Member: National COVID-19
Commission Advisory Board (2020–2021).
Age 62 years
Residence Canberra, Australia
RT Hon Sir John Key, GNZM AC
Member
Position
Independent Non-Executive Director
Qualifications
BCom, DCom (Honoris Causa)
Responsibilities
Non-Executive Director since February
2018. Sir John is a member of the Ethics,
Environment, Social and Governance
Committee, Risk Committee, Digital Business
and Technology Committee and Nomination
and Board Operations Committee.
Career
Sir John was Prime Minister of New Zealand
from 2008 to 2016, having commenced his
political career in 2002. Sir John had a long
career in international finance, primarily for
Bankers Trust in New Zealand and Merrill
Lynch in Singapore, London and Sydney.
He was previously a member of the Foreign
Exchange Committee of the Federal Reserve
Bank of New York (from 1999 to 2001).
Sir John was made a Knight Grand
Companion of the New Zealand Order of
Merit in the 2017 Queen’s Birthday Honours.
In 2017 Sir John became a Companion of
the Order of Australia for advancing the
Australia–New Zealand bilateral relationship.
Relevant other directorships
Chairman: ANZ Bank New Zealand Limited
(from 2018, Director from 2017).
Director: Palo Alto Networks (from 2019).
Relevant former directorships
held in last three years include
Former Director: Air New Zealand Limited
(2017–2020).
Age 61 years
Residence Auckland, New Zealand
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Graeme Liebelt
ChairMember
Position
Independent Non-Executive Director
Qualifications
BEc (Hons), FAICD, FTSE, FIML
Responsibilities
Non-Executive Director since July 2013.
Graeme is Chair of the Risk Committee
and is a member of the Audit Committee,
Human Resources Committee and
Nomination and Board Operations
Committee.
Career
Graeme brings to the Board his experience
of a 23-year executive career with Orica
Limited (including a period as Chief
Executive Officer), a global mining services
company with operations in more than 50
countries. He has extensive international
experience and a strong record of
achievement as a senior executive,
including in strategy development and
implementation. Graeme is committed
to global trade and cooperation, as well
as community education.
Relevant other directorships
Chairman: Amcor Limited (from 2013,
Director from 2012).
Director: Australian Foundation Investment
Company Limited (from 2012) and Carey
Baptist Grammar School (from 2012).
Relevant former directorships
held in last three years include
Former Chairman: DuluxGroup Limited
(2018–2019, Director from 2016).
Age 68 years
Residence Melbourne, Australia
John Macfarlane
Member
Position
Independent Non-Executive Director
Qualifications
BCom, MCom (Hons)
Responsibilities
Non-Executive Director since May 2014.
John is a member of the Audit Committee,
Risk Committee, Digital Business and
Technology Committee and Nomination
and Board Operations Committee.
Career
John is one of Australia’s most experienced
international bankers having previously
served as Executive Chairman of Deutsche
Bank Australia and New Zealand, and CEO
of Deutsche Bank Australia. John has also
worked in the USA, Japan and PNG, and
brings to the Board a depth of banking
experience in ANZ’s key markets in Australia,
New Zealand and the Asia–Pacific. He is
committed to community health, and
is a Director of the Aikenhead Centre of
Medical Discovery Limited (from 2016).
Relevant other directorships
Director: Colmac Group Pty Ltd (from 2014),
AGInvest Holdings Limited (MyFarm
Limited) (from 2014, Chairman 2014–2016),
Balmoral Pastoral Investments (from 2017)
and L1 Long Short Fund (from 2018).
Relevant former directorships
held in last three years include
Former Director: Craigs Investment
Partners Limited (2013–2020).
Age 62 years
Residence Melbourne, Australia
Christine O’Reilly
ChairMember
Position
Independent Non-Executive Director
Qualifications
BBus
Responsibilities
Non-Executive Director since November
2021. Christine is Chair of the Audit
Committee and a member of the Risk
Committee, Human Resources Committee
and Nomination and Board Operations
Committee.
Career
Christine is one of Australia’s leading
non-executive directors. Christine has
held executive roles in the infrastructure
and financial services industries. This
includes being CEO of GasNet Australia
and Co-Head of Unlisted Infrastructure
Investments at Colonial First State Global
Asset Management and follows an early
career including investment banking and
audit experience at Price Waterhouse.
Relevant other directorships
Director: The Baker Heart & Diabetes
Institute (from 2013), Stockland (from 2018)
and BHP Group Limited (from 2020).
Relevant former directorships
held in last three years include
Former Director: Medibank Private Limited
(2014–2021), CSL Limited (2011–2020)
and Transurban Group (2012–2020).
Age 61 years
Residence Melbourne, Australia
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Jeff Smith
Member
Position
Independent Non-Executive Director
Qualifications
BA
pp
S
c
, MBA
Responsibilities
Non-Executive Director since August 2022.
Jeff is a member of the Nomination and
Board Operations Committee.
Career
Jeff is an experienced global business and
technology executive, with over 30 years
corporate experience which includes senior
executive roles in a number of companies
including Telstra, Honeywell and Toyota.
Jeff was previously Chief Information Officer
at IBM Corporation where he was globally
responsible for IT strategy, resources,
systems and infrastructure and also led the
company’s Agile transformation. Jeff was
also CEO of Suncorp Business Services and
Suncorp Chief Information Officer. Since
2017, Jeff has been Chief Operating Officer
of World Fuel Services Corporation, a role
he will step down from at the end of 2022.
Jeff also served on the Australian Fulbright
Commission awarding Australian post-
graduate scholarships to US universities.
He was previously a member of ANZ’s
International Technology and Digital
Business Advisory Panel until 2019.
Relevant other directorships
Director: Sonrai Security Inc (from 2021).
Advisor: Zoom Video Communications,
Inc (from 2018) and Box, Inc. (from 2018).
Relevant former directorships
held in last three years include
Former Member: ANZ International
Technology and Digital Business Advisory
Panel (2016–2019).
Age 60 years
Residence USA
Company Secretaries’
qualifications and experience
Currently there are two people appointed as Company
Secretaries of the Company. Details of their roles are
contained in the Corporate Governance Statement.
Their qualifications and experience are as follows
Ken Adams
Position
Group General Counsel
Qualifications
BA, LLB, LLM
Simon Pordage
Position
Company Secretary
Qualifications
LLB (Hons), FGIA, FCG (CS, CGP)
Ken joined ANZ as Group General
Counsel in August 2019, having assisted
ANZ with major legal issues for over 10
years. Prior to ANZ, Ken was a Partner
of Freehills and later Herbert Smith
Freehills for 21 years, and for six years
was a member of the Herbert Smith
Freehills Global Board. Ken is one of
Australia’s leading commercial lawyers
with significant experience in class
actions and other complex legal issues.
He holds a Master of Laws from the
University of Melbourne and is a
co-author of Class Actions in Australia.
Simon joined ANZ in May 2016.
He is a Chartered Secretary and
Chartered Governance Practitioner
and has extensive company secretarial
and corporate governance experience.
From 2009 to 2016 he was Company
Secretary for Australian Foundation
Investment Company Limited and a
number of other listed investment
companies. Other former roles include
being Deputy Company Secretary for
ANZ and Head of Board Support for
Barclays PLC in the United Kingdom.
He is a formal brand ambassador for,
and is a former National President and
Chairman of, Governance Institute of
Australia. He is also a member of the
Chartered Governance Institute’s
Global Thought Leadership Committee.
Simon is committed to the promotion
and practice of good corporate
governance, and regularly presents
on governance issues.
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Risk management
The evolving macroeconomic
and geopolitical conditions have
continued to challenge our operating
environment. Our Risk Management
Framework (RMF) has remained
robust in the face of these challenges,
enabling the sound management
of our business.
Over the last year we have continued to
work towards a stronger and simpler risk
and governance framework. Our ability
to respond to changes in existing risks,
and to deal with emerging risks as they
arise has been strengthened, including
those discussed below.
Macroeconomic and
Geopolitical environment
The rising geopolitical tensions including
the conflict in Ukraine, trade tensions,
energy security issues in the European
Union accompanied with economic
challenges relating to rising interest rates,
inflation and real cost of living pressures,
are creating uncertainty for many of our
customers. The Board and management
continually monitor these developing
conditions, and maintain provisions and
strong capital levels for a range of potential
scenarios. In addition, we have focused on
the following to help support our customers
and their financial resilience:
Home Loans and Consumer Lending –
We continue to engage with our home
loans customers to help them better
manage their home loan and personal
finances. 70 per cent of our customers
have paid additional funds to reduce
their principal debt with over half of
those more than 2 years ahead on their
repayments. Measures such as interest
rate floors and higher interest rate buffers
when assessing home loans, and higher
household expenditure measures, have
contributed to customers being better
placed to service their loans.
We have proactively communicated with
our customers to provide reassurance that
where required, we have options available
to continue to support them.
Data Analytics – Data and analytics play
an important role in early identification
of customers heading towards financial
difficulty. We have invested in our retail risk
systems to provide quality data analytics to
assist our Collections and Hardship teams.
Our analytics have focused on customer
transaction data and the identification
of customers that may need additional
support. We are using data analytics to
look at savings, credit, and offset accounts
to better understand customers’ financial
behaviour and potential future outcomes.
The analysis considers interest rate changes,
increases in living expenses and cashflow.
In our Wholesale portfolio, we are using
external (e.g., ASIC’s insolvency register,
ATO arrears) and internal data sources
(e.g., stress sensitivities and savings levels)
to identify areas of systemic emerging
risks to proactively manage the portfolio.
Financial health and Wellbeing –
We have transformed our retail platform
by simplifying and rebuilding products,
systems and processes to improve the
financial wellbeing of our customers. Our
initial ‘transact and save’ product within the
ANZ Plus App has provided functionality to
enable customers to have better visibility
and control over their money.
The lessons we have learnt from COVID-19
and recent natural disasters, have been used
to develop financial hardship assistance
options that can be implemented quickly.
Portfolio management – Our new Head
of Geopolitical Risk provides additional
insights to support our customer
management and understand the
geopolitical impacts to our portfolio.
The introduction of this role has provided
focused analysis of global issues which
allows us to better inform and support
our customers and the Board.
Risk Culture
Risk culture is an important component of
our organisational culture and underpins the
shared values, behaviours and practices that
drive how risk is considered in decisions.
As part of ANZ’s ongoing focus on
keeping communities safe, members
of the ANZ financial crime team
have security clearance to support
intelligence initiatives.
Leveraging lessons from previous
operations involving fugitives and
high-risk law enforcement targets,
the team regularly checks internal
and external intelligence sources
for information.
In 2022, a member of the Financial Crime
team proactively reached out to law
enforcement and regulatory partners to
support a live child abduction case. The
alleged perpetrator was on the run and
actively being sought by law enforcement
agencies. The team member checked our
systems for the main perpetrators and
any known associates, which led to the
identification of accounts with activity
outside of the account holder's normal
spending behavior.
Close examination of those accounts
suggested the alleged perpetrator was
using the account of a family member
to avoid detection. This information
was then shared with law enforcement.
Law enforcement partners were able to
follow up on ANZ’s leads and located
the victim unharmed.
Keeping our community safe
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We have made progress in strengthening
risk culture through achieving greater
awareness of the approach to risk culture
and establishing strong leadership to deliver
on our risk culture plans. This will allow us to
achieve our defined target state.
We have defined key risk culture principles
that form the foundation of our risk culture
approach and have embedded a framework
for assessing each risk culture principle
across the organisation. This framework
incorporates desired risk behaviours
and business and risk outcomes. We
are monitoring risk culture through our
Risk Culture Dashboard which captures
risk management and business-related
information. Our annual Risk Culture Survey
informs us on the perceived and actual
effectiveness of our risk behaviours, policies
and processes, and decision making. Our
Board Risk Committee receives half-yearly
updates from management to assist the
Board in forming a view on risk culture
and the effectiveness of plans and actions.
Risk culture is included as a performance
objective for all Group Executives and risk
is a key element of the balanced scorecard
for our people’s performance and
remuneration. Behaviours supporting the
target risk culture are reinforced through the
Enterprise Accountability Group (page 90).
We acknowledge individuals who
role model outstanding risk behaviours
for their work to manage and mitigate
the organisation’s risks.
Financial crime
We continue to maintain an effective
financial crime risk management program
that anticipates and navigates criminal
threats supported by the right people with
the right tools. The Financial Crime team
continues to be responsible for the delivery
of enhanced detection, investigative and/or
intelligence capability that is focused on
identifying, mitigating and managing
financial crime risk and protecting the
community via:
•Partnering with AUSTRAC’s Fintel
Alliance, and similar programs globally.
•The development and maintenance
of a central data repository, intelligence
systems and tools.
•The creation and delivery of Dynamic
Algorithms to meet new threats.
Non-financial risk
We have made further inroads in our
non-financial risk management. We continue
to uplift our non-financial RMF (the I.AM –
Identify, Act, Monitor framework) to provide
a holistic approach to risk management
with insights that enable us to anticipate
and navigate a changing environment and
protect our customers, shareholders and
the community from harm.
We are improving how we manage
our non-financial risk by updating our
approach to be more standardised,
integrated, dynamic and automated, so
that it is both more effective and efficient.
Conduct Risk
The interests of our customers and
community are fundamental to our strategy.
We continue to responsibly manage our
Conduct Risk, including by identifying,
managing, and mitigating instances where
our activities, products and/or services may
result in unfair customer outcomes and/or
damage to market integrity. The articulation
of Conduct Risk as a Risk Theme under the
new Compliance and Operational Risk
model will help manage Conduct Risk as
a key material risk for ANZ. To support this,
we have developed a global Conduct Risk
Framework and Conduct Risk taxonomy
which facilitate a clear and consistent way
of managing and monitoring the risk, in
conjunction with the Compliance and
Operational Risk Framework (I.AM).
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