Last month, APRA demanded the big banks set aside $500 million in capital to deal with internal culture issues, ranging from overly complex bureaucracy to failing to allow staff to speak up. AustralianSuper is the first superannuation fund to release their self-assessment, finding areas of improvement at varying levels including the need to introduce a chief risk officer. “Although the self-assessments raised no concerns about financial soundness, they confirmed our observation that industry is grappling to manage non-financial risks, such as culture and accountability,” APRA Deputy Chair John Lonsdale said in May this year. But culture is still a fuzzy...