Speaking with BankingDay's Ian Rogers in his last month in charge of one of Australia's largest lenders, Smith said processes around risk at the bank had been comprehensively rethought, particularly since the financial crisis.
“It wasn't so much the risk culture, I think there was probably a decent risk culture,” he said. “There wasn't a good process in place.
“I also think that the risk appetite was inappropriate. That's changed a lot.”
Reflecting on his time in banking, Smith said he knew he belonged in the industry the moment he walked in the door.
“Probably the best job in a bank is running it,” he said. “I don't know how many …heads of state, central bank governors, entrepreneurs and business tycoons that I've met over the years. That's still fascinating.
“You get an insight into the world which many people will never have.”
He also touched on his career at HSBC, the climate in banking at the time of his arrival at ANZ and the Opes Prime failure, an early and major challenge. Watch the video above to find out more.
Ian Rogers is the Editor of BankingDay. You can read more about the interview here.