Title Westpac culture ‘immature, reactive’ Degree of recognition National Media name/outlet Australian Financial Review Media type Country Australia Date 18/07/20 Description Westpac Banking Corp has been forced to launch a new program to attempt to fix its broad risk-management failings,
after a reassessment of its culture demanded by Australian Prudential Regulation Authority identified ongoing concerns, including that its nonfinancial risk culture is still ‘‘immature
and reactive’’. The report identifies a lack of urgency and clarity in Westpac’s response to problems it identified in a
2018 self-assessment of governance, which were exacerbated when AUSTRAC dropped a bombshell case last November that triggered the departures of the bank’s CEO and chairman.
APRA insisted on the reassessment over concerns Westpac was not tackling the root causes of its failings when it read AUSTRAC’s statement of claim. The latest investigation found Westpac is still ‘‘overly complex,which results in
confusion around accountability and challenges in execution
Producer/Author James Eyers URL https://www.afr.com/companies/financial-services/westpac-culture-still-immature-and-reactive-20200717-p55cxa Persons Elizabeth Sheedy