banking royal commission insurance
Allianz chief risk officer Lori Callahan (Image: AAP/Andy Brownbill)

Allianz chief risk officer Lori Callahan

For years, as evidence of misconduct in the banking sector mounted, the defence of our biggest banks was that each scandal was just the result of a few rotten apples, or human error, or internal processes that had now been overhauled. We're very sorry, banking executives would say, but there were no systemic issues involved.