Business
Westpac boss vows action after risk culture found ‘immature and reactive’ – Sydney Morning Herald
Westpac chief executive Peter King says the bank will work to set clear risk boundaries for decision making and provide extra training for staff.
The review said attempts to improve risk management since 2018 have been too incremental, prompting Mr King and his chairman, veteran banker John McFarlane, to say there had not been enough momentum for change in the bank.
“The reassessment makes clear that what is required is a program of deeper change,” Mr King and Mr McFarlane said in a jointly-written foreword.
Mr King said that in response, Westpac would launch a priority program called Customer Outcomes and Risk Excellence (CORE) that wo…
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