It is possibly a measure of Outsider’s recent bout of insomnia (perhaps the Ashes is being played in mother England) that he found himself reading the so-called ‘Promontory Report’ aka the Independent Review of the Commonwealth Bank’s Remedial Action Plan.
And what a stunning job the people at the Commonwealth Bank seem to be doing in trying to straighten up and fly right in the wake of the Prudential Review imposed by the
Australian Prudential Regulation Authority (APRA) and, of course, the Royal Commission.
Matt Comyn is, indeed, Captain Courageous.
But what caught Outsider’s eye was the sense of urgency the report appeared to be encouraging in the leadership of the Commonwealth Bank, noting that “the implementation phase the Program has now entered will play a critical role in ensuring the Program’s long-term success and effectiveness”.
“That success and effectiveness will require the Program to engage with and capture the hearts and minds of all employees about the need for change,” it said.
With the phrase ‘hearts and minds’ ringing in his head, Outsider was given to recall a quote attributed variously to US President, Theodore Roosevelt and former Nixon aide, Charles ‘Chuck’ Colson: “Once you have them by the balls, their hearts and minds will follow”.
Outsider is not at all sure, that Messrs Roosevelt and Colson would get a pass mark for empathy from HR in 2019.