12/03/2020 | Press release | Distributed by Public on 12/02/2020 21:33
Westpac enters into enforceable undertaking with APRA
3 December 2020
Westpac today confirmed it has entered into an enforceable undertaking (EU) with the Australian Prudential Regulation Authority on risk governance remediation.
On 1 December 2020, Westpac announced it had received APRA's review of risk governance and said significant work was required to address the Group's shortcomings.
Westpac Group CEO, Peter King, said Westpac acknowledges the findings of the APRA review and is determined to deliver on its risk remediation activities.
'My top priority is to ensure the bank's risk culture and management of risk meet the high standards expected of us.
'We have had constructive discussions with APRA and know we have to deliver a disciplined step change in our management of financial and non-financial risk.
'While we have made progress in improving our standards, we have much more work to do, and this must be done at pace.'
Key terms of Westpac and APRA Court Enforceable Undertaking
Integrated remediation plan
Governance and independent oversight
Clarity on accountability
A copy of the EU is available at here.
For further information: