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‘Not good enough’: APRA threatens Westpac with court action over risk failures – Sydney Morning Herald
Westpac chief executive Peter King acknowledged the prudential regulator’s findings, saying the bank has “much more work to do” to address problems with its culture….
It also found new governance issues have continued to emerge, including Westpac’s breaches of liquidity standards that have since been rectified.
“The CEU comes after APRA expressed concerns with the banks progress in remediating weaknesses including an immature and reactive risk culture, unclear accountabilities, capability shortfalls, and inadequate oversight,” APRA said.
The CEU requires Westpac to develop a new plan that covers financial and non-financial risks, obtain independent oversight…
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