Macquarie has Deloitte study its risk culture

Global firm Deloitte has been brought in to assess the risk culture within Macquarie Group's private wealth unit as part of Macquarie's efforts to bolster deficient compliance practices, according to The Australian Financial Review.

Earlier this year, Macquarie Private Wealth was disciplined by the Australian Securities and Investments Commission (ASIC) for “serious” and “recurring” compliance failures, and the regulator demanded that Macquarie create a plan to rectify risk management and compliance issues with oversight from an independent expert.

Deloitte has begun surveying advisers to get a sense of the firm's risk culture, the AFR added. It has not been appointed as the “independent expert” required by ASIC, but it is believed to be in the running for the position, along with KPMG. Ernst & Young and PwC are thought to be unlikely candidates for the role.

Macquarie Private Welath's head of risk, Brad Veale, has reportedly been moved to another role within Macquarie, the AFR added.