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

(Reuters) – Westpac Banking Corp 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)