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Westpac Group has released the findings of its reassessment of culture, governance and accountability, and announced a comprehensive Group-wide transformation program to strengthen its management of non-financial risks.  
 

Westpac first conducted a self-assessment into culture, governance and accountability in November 2018 and developed a remediation plan in response. Following AUSTRAC’s Statement of Claim in 2019, APRA required Westpac to reassess its remediation plan to ensure it remained fit for purpose.
 

The main conclusion from the reassessment was that Westpac’s non-financial risk culture remains immature and reactive. 
 

As a result, Westpac is embarking on a comprehensive, Group-wide transformation program, CORE – Customer Outcomes and Risk Excellence – with a focus on Board and Executive oversight of non-financial risk, and strengthening our risk culture, risk frameworks and risk management capability.