The first report will cover ANZ NZ's compliance with the Reserve Bank's current and historical capital adequacy requirements
The second will assess the effectiveness of the bank's director's attestation and assurance framework, focusing on internal governance, risk management and internal controls.
Monday's Reserve Bank of New Zealand directive follows a decision last month to revoke ANZ's local licence to calculate its own operational risk capital and raising minimum capital requirement.
Reserve Bank Governor Adrian Orr said on Monday that ANZ NZ remained sound and well capitalised, and that it appeared focused on the issues at hand.
"These formal reviews will allow us to work with the bank to ensure the public, and we as regulator, can have continued confidence in the bank and that it is operating in a prudent manner," Mr Orr said.
ANZ NZ chairman Sir John Key said in a statement the bank had already been working on commencing an independent review to provide assurance its capital models and the directors' attestation process were robust.
"Following discussions with the RBNZ, the directors agree that the best way to achieve this assurance is working with the RBNZ and an independent party to undertake the necessary reviews," Sir John said.
ANZ NZ held more than $NZ12.4 billion of capital at March 31, which it said was almost $NZ3.5 billion more than its regulatory requirement.
