Elizabeth Arzadon

Managing Director, Kiel Advisory Group

Elizabeth is an international expert on cultural factors that impact management of risk, and the Managing Director of Kiel Advisory Group. She is a Registered Psychologist with a foundation in organisational psychology, and extensive experience in corporate and regulatory roles, as well as insight from 20 years as a strategy and independent adviser.


Elizabeth works directly with regulators globally to develop their supervisory methodologies, and undertake entity-level and industry-wide assessments of culture, behavioural risk and corporate governance. Her team recently led Focused Review on Incentive Systems of Front Offices in Retail Banks for the Hong Kong Monetary Authority, examining the relationship between different front office incentive systems and customer outcomes. She appeared as an Expert Witness for the Royal Commission into Crown Casino, providing advice on a range of issues related to culture and conduct transformation in the context of mandated remediation. She has also developed risk culture audit programs for a number of major financial institutions, and has led over 30 risk culture audits across Asia-Pacific, Europe and the Americas. Last year, Elizabeth co-authored two publications: Auditing Risk Culture: A Practical Guide for the Institute of Internal Audit (Australia), and Culture Audit in Financial Services, published by Kogan-Page. Elizabeth holds a Master of Psychology (Organisational) and a Bachelor of Science (Psychology)(Hons), and is a Member of the Australian Psychological Society. 

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