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BRIEF-Westpac Says Reassessment Finds Co Overly Complex Resulting In Confusion Around Accountability

Published 17/07/2020, 10:29 am
© Reuters.
WBC
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July 17 (Reuters) - Westpac Banking Corp WBC.AX :

* RELEASES CULTURE, GOVERNANCE AND ACCOUNTABILITY REASSESSMENT REPORT

* REASSESSMENT FINDS CO OVERLY COMPLEX WHICH RESULTS IN CONFUSION AROUND ACCOUNTABILITY AND CHALLENGES IN EXECUTION

* SHORTCOMINGS IN MANAGEMENT OF NON-FINANCIAL RISK IDENTIFIED BY EACH OF CO'S 3 LINES OF DEFENCE; FURTHER CHANGE NEEDED TO ADDRESS WEAKNESSES

* EMBARKING ON MULTI-YEAR PROGRAM CALLED CUSTOMER OUTCOMES AND RISK EXCELLENCE (CORE)

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