Business
The tech failures that cost Westpac $1.3b – The Australian Financial Review
The 93-page agreed statement of facts points to numerous requests for the bank to fix its systems over almost a decade. Its inability to respond has been costly.
The agreed statement of facts offers a template for risk teams seeking to avoid a similar fate.
The complexity of Westpac’s IT systems, especially when an upgrade was needed, sits at the heart of its core failures to report millions of “international fund transfer instructions” (IFTIs). These mainly related to just two of its “corresponding banks” offshore banks that Westpac receives money from and sends money to.
The relationships are critical to allow funds to move across borders. But they c…
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