Bank of Queensland will undertake a three-year risk program to strengthen its non-financial resilience. The bank said in an announcement on Friday that it has budgeted A$60 million for the program, which will be reflected as a non-cash provision in its results for the six months to February, to be announced on Thursday. Commenting on the risk program, the bank said: “This program of work is well underway and follows reviews which have identified that a material uplift is required in respect of BOQ’s operational resilience, risk culture and AML/CTF program and compliance. “BOQ is engaging proactively with regulators in relation to the scope and governance of the integrated risk program, with external subject matter experts engaged to assist. The program will be independently assured.” The bank has also started work of a project to simplify its operating model through reducing duplication and delivering operational efficiencies. The bank also flagged that the results will include a $200 million write-down of goodwill, following a review of the carrying amount of goodwill, mostly associated with the takeover of Home Building Society in 2007. BOQ will report an unaudited cash profit of $256 million and a statutory net profit of $4 million, after the provision and goodwill write-down. The bank’s common equity tier 1 capital ratio was 10.7 per cent at the end of February, up from 9.6 per cent in the previous half, and its liquidity ratio was 143 per cent.