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On today's date, the Australian Prudential Regulation Authority (APRA) imposed licence conditions on Bendigo and Adelaide Bank Limited (Bendigo Bank) following findings of longstanding and pervasive weaknesses in the bank's non-financial risk management framework. The action follows an independent root cause analysis that APRA required Bendigo Bank to undertake in December 2025. Deloitte completed the analysis and identified material deficiencies in governance, accountability, compliance management, risk oversight and risk management capability across the organisation. The analysis found that Bendigo Bank does not have a clear, complete and reliable view of its regulatory obligations, material risks and key controls, and that key weaknesses have persisted despite several years of remediation activity as part of Bendigo Bank's enterprise-wide risk transformation program (BEN+). APRA determined that Bendigo Bank has not addressed the underlying root causes of its risk management deficiencies or delivered sustainable risk uplift, despite having had significant opportunity to do so. The licence conditions will require Bendigo Bank to undertake a comprehensive rectification program, engage an independent assurer and provide board attestation as part of its program of work to sustainably rectify its risk management shortcomings. APRA will maintain Bendigo Bank's existing $50 million operational risk capital add-on until APRA is satisfied that the bank has effectively addressed the underlying prudential concerns. APRA Deputy Chair Therese McCarthy Hockey said the action reflects the seriousness of the weaknesses identified, noting that although Bendigo Bank is financially sound with strong capital and liquidity positions, APRA is concerned with the gaps in its non-financial risk management framework. APRA has worked closely with the Australian Securities and Investments Commission (ASIC) and the Australian Transaction Reports and Analysis Centre (AUSTRAC) to support a coordinated regulatory response. The licence conditions are available on the Federal Register of Legislation website.