RBNZ has requested two reports from ANZ New Zealand to provide assurance it is operating in a prudent manner. The first report will cover ANZ New Zealand’s compliance with the current and historic capital adequacy requirements of RBNZ. The second report will assess the effectiveness of ANZ New Zealand’s Director’s Attestation and Assurance framework, focusing on internal governance, risk management, and internal controls.
Section 95 of the Reserve Bank of New Zealand Act 1989 gives the Reserve Bank the power to require a bank to provide a report by a Reserve Bank-approved, independent person. These reviews can investigate issues such as risk management, corporate or financial matters, and operational systems.
Related Link: News Release
Keywords: Asia Pacific, New Zealand, Banking, ANZ, Capital Adequacy, Governance, Internal Controls, Operational Risk, RBNZ
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