Business
Westpac culture still ‘immature and reactive’ – The Australian Financial Review
Westpac has been forced to launch a new program to attempt to fix its broad risk-management failings, after a reassessment of its culture demanded by APRA identified ongoing concerns, including that its non-financial risk culture is still “immature and reacti…
It criticised an ongoing blame game, stating a priority for its work on culture “will be to strengthen psychological safety” for staff after the reassessment found “in some situations leaders had reacted to incidents with a focus on who is to blame rather than what to learn”.
Many of the same failings were identified in the bank’s self-assessment for APRA in 2018, after all banks were asked to audit themselves against the prudential regulator’s expectations for fixing widespread cultural proble…
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