Press "Enter" to skip to content

Westpac NZ’s risk governance needs ‘significant improvement’, says RBNZ

Amnon Free Press/Central Press Syndicate, USA. Read, Enjoy and Share the Latest US News Updates.

November 24, 2021

(Reuters) – The Reserve Bank of New Zealand (RBNZ) said on Thursday Westpac’s local unit needs to address risk governance and compliance concerns after an independent report highlighted “material shortcoming” in the board’s oversight.

The report, prepared by management consulting firm Oliver Wyman, said the bank’s board fell short of the “standard” expectations on implementing risk governance measures, and noted the bank’s investment in risk management capabilities appeared “reactive, rather than strategic”.

Other News:   Ring camera footage appears to show Waukesha mass killing suspect Darrell Brooks' bizarre behavior asking for help outside resident's home 20 minutes after attack

“We expect Westpac NZ to prioritise remediation in line with the report’s recommendations and will be closely monitoring their efforts to ensure that they are effective,” RBNZ’s Deputy Governor Geoff Bascand said in a statement https://www.rbnz.govt.nz/news/2021/11/external-report-highlights-material-shortcomings-with-westpac-nzs-risk-governance.

The report was commissioned by Westpac New Zealand on RBNZ’s instructions in March.

Other News:   Judge blocks New York Times from publishing Project Veritas legal memos

Bascand added although the bank’s board has addressed some of the report’s findings, “there is a lot more do to”.

Westpac NZ, in a separate statement, accepted the findings of the review and said it was “well advanced” in addressing recommendations in the report.

“We have also followed up immediately on other recommendations in the report, including restructuring committees and overhauling the way information on risk is provided to the Board,” Westpac NZ Board Chairperson Pip Greenwood added.

Other News:   Illinois teacher says school admin banned Dr. Seuss books, seized copies from classrooms

(Reporting by Sameer Manekar and Yamini C S in Bengaluru; Editing by Krishna Chandra Eluri)

To continue reading this news article, follow the link to the news website.

For any inquiries, contact Amnon Free Press (Amnon Jobi Jakony) by writing to editor [at] amnonfreepress.com. Discover a world of hyper-local news below.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *