Liebelt says while banks should never lose sight of the credit and other financial risks being managed, what's become more obvious recently is that the ability to deliver outcomes in all operational areas has been challenged.
“We need to pay a lot more attention to non-operational risk because it runs to the reputation of the institutions and ultimately, the stability of the system,” he says.
“There are more changes to be made but I think we're on the right path. How we entrench that culture and how we measure how well we're doing is something we're still working on and we'll continue to improve. But I think we're making good progress.
“We want our people to do the right thing by customers and other stakeholders. And leadership is a key part of how we get people to behave in ways that that are acceptable to the organisation and acceptable to the general public.”
It should come as no surprise a young boy from South Australia who eventually ran a multinational corporation believes that globalisation is an irresistible force.
“One of the most powerful forces for lifting people out of poverty around the world has been the growth of international trade,” Liebelt says.” And so I'm very unhappy, as you might imagine, about the impediments to trade being put in place in various places.”
However, Liebelt admits there is good reason for some pushback, particularly in relation to some social media companies’ use of data and role in national elections.
“You can't think about a world with an Internet [connection] without believing there's going to be very substantial globalisation.”