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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, Perform strategic priorities to become a simpler, stronger bank.
 

Following APRA’s risk governance review, Westpac entered into an Enforceable Undertaking (EU) with APRA on 3 December 2020. The EU required Westpac to address deficiencies in risk governance and:
 

  • implement an Integrated Plan that includes all risk governance remediation activities.
  • provide independent assurance over the implementation of the plan with regular reporting to APRA.
  • assign accountability for delivery and incorporate outcomes into remuneration decisions.
     

On 7 April 2021, Westpac confirmed that APRA had approved the Integrated Plan.

Building a simpler, stronger bank

The Integrated Plan is a comprehensive program of work designed to strengthen risk frameworks and processes, further clarify accountability, and improve the Group’s risk culture. It outlines how we are strengthening risk governance across both financial and non-financial risk.
 

The Customer Outcomes and Risk Excellence Program will drive delivery of the Integrated Plan, consisting of 19 workstreams with Group Executive accountability and corresponding deliverables and dependencies. Outcomes are linked to executive remuneration decisions. Further information on the CORE workstreams and objectives can be found here (PDF 33KB).
 

By focusing on our Fix, Simplify and Perform strategic priorities we will deliver improvements in business performance and risk management for the following outcomes:
 

  • A well-run business where risk is actively managed
  • A simpler organisational structure with clear accountability
  • A stronger business where risk is understood and embedded across the three lines of defence
  • A better business where our people understand risks and proactively manage them
  • Strong execution and delivery against the Integrated Plan

Independent assurance

A requirement of the EU is that the Integrated Plan is independently assured. Westpac has appointed Promontory Australasia as the independent reviewer and their reports will be publicly released.  
 

Read Promontory Australasia’s First Report (PDF 523KB) into the progress of Westpac’s Integrated Plan.