Elizabeth Arzadon

Managing Director, Kiel Advisory Group

Elizabeth is the Managing Director of Kiel Advisory Group, and a recognised global expert on the topic of cultural and behavioural risk. She is a pioneer in assessing how organisational culture influences conduct, governance and risk management within the financial services sector. Her client and research interests focus on the assessment of cultural risk in frontline, leadership team and Board contexts.

Prior to founding Kiel Advisory Group, Elizabeth was a Special Adviser to the Australian Prudential Regulatory Authority where she was a lead team member of the prudential inquiry into one of Australia’s largest banks, developed and piloted APRA’s methodology for supervisory reviews of risk culture, and co-drafted the Financial Stability Board’s institutional toolkit for mitigating cultural drivers of misconduct. Before her time at APRA, Elizabeth introduced behavioural risk audit programs into a number of international banks, both in Australia and overseas. Her work in this space, involving the development and integration of methodology, recruitment of specialist teams, internal and external stakeholder engagement and reporting, created a roadmap for other firms seeking to introduce behavioural risk assessment programs.

Elizabeth is an active member, participant and contributor to a number of professional bodies including the Institute of Internal Auditors, College of Organisational Psychologists, and Australian Institute of Company Directors. She combines a background in Organisational Psychology with extensive corporate experience, and brings insight on cultural diagnosis and change design from over 15 years as an advisor (with McKinsey & Company, and independently) to a range of clients in Australia, Asia, Europe and North America.