April 7 (Reuters) - Westpac Banking Corp WBC.AX said on Wednesday Australia's banking regulator had approved its plan to address weaknesses in its risk controls, after the lender agreed to a court-backed undertaking to make amends last year.
The plan outlined commitments designed to strengthen all aspects of Westpac's risk governance across both financial and non-financial risk, it said in a statement.s
The lender faced a lawsuit and fine for enabling millions of improper payments, including to people exploiting children, and drew flak from the regulator for its weak risk controls and poor oversight.