Customer Outcomes and Risk Excellence (CORE) Program
At Westpac, we are committed to delivering a sustained uplift in the way we manage and govern risk. It is a critical part of our Fix, Simplify, and Perform strategic priorities to become a simpler, stronger bank helping Australians and New Zealanders succeed.
Our Customer Outcomes and Risk Excellence Program (CORE) is driving delivery of the a comprehensive program of work designed to strengthen risk frameworks and processes, further clarify accountability, and improve the Group’s risk culture to achieve better outcomes for our customers.
Improving risk governance
Westpac entered into an Enforceable Undertaking (EU) with APRA on 3 December 2020 which outlined Westpac’s commitment to address its risk governance deficiencies. As part of this agreement, Westpac designed and is currently implementing the Integrated Plan, approved by APRA, which outlines the Group’s risk governance remediation activities.
Westpac appointed Promontory Australia to act as the Independent Reviewer of Westpac’s delivery of the Integrated Plan and their progress reports will be publicly released biannually.
As part of its commitment, Westpac also assigned accountability for delivery and oversight of the Integrated Plan to members of Westpac’s senior management.
Building a simpler, stronger bank
By focussing on our Fix, Simplify and Perform strategic priorities we expect to deliver better customer outcomes through improvements in business performance and risk management to ensure:
- Our operating environment is working as we expect
- We manage risk within an acceptable level
- Our aspirations are aligned to our capacity to reliably deliver
- We have the right people with the right capabilities