Westpac report finds management of non-financial risk 'immature and reactive'

Credit: REUTERS/LOREN ELLIOTT

July 17 (Reuters) - Westpac Banking Corp WBC.AX said on Friday it was launching a multi-year programme to fix shortcomings in its management of non-financial risk that an internal report found to be "immature and reactive".

The new programme will focus on improving risk frameworks, setting higher leaderships standards and provide additional training to staff, Australia's second-biggest bank said.

"Our reassessment confirms that our management of non-financial risk is currently not at the standard we set for ourselves," Chief Executive Officer Peter King said in a statement.

(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Tom Hogue)

((NikhilKurian.Nainan@thomsonreuters.com; Twitter: @NikhilKurianN; +91 806 182 2724;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.