Business
APRA gives Westpac a kick up the backside – The Australian Financial Review
Westpac itself revealed the depth of the prudential regulator’s frustration with a risk management turnaround that simply isn’t happening fast enough.
So instead, it was left up to Westpac to break it down for investors.
The prudential regulator had found much more than just a few liquidity breaches in a review of Westpac’s governance that it launched in December 2019, shortly after news broke of the AUSTRAC scandal that would soon cost the jobs of then chief executive Brian Hartzer and chairman Lindsay Maxsted.
Rather, as Westpac admitted in its announcement on Tuesday, APRA found the bank “has an immature and reactive risk culture, unclear accountabilities,…
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