Investor Presentaiton
Strengthening risk governance and oversight.
CORE Program; Integrated Plan delivery on track.
Integrated Plan
A comprehensive and integrated program of work designed to
strengthen risk governance and frameworks, further clarify
accountability and improve the Group's risk culture
It outlines how we are strengthening risk governance across both
financial and non-financial risk
Comprises 19 workstreams, underpinned by 80 deliverables and
327 activities
Group Executive accountability and outcomes linked to executive
remuneration decisions
Multi-year completion timeframe - with 90 day delivery schedule
APRA-approved and independently assured by Promontory
Australia, with regular reporting to be made publicly available
Background and timeline
2018
Released Culture, Governance and
Accountability self assessment
(CGA self assessment), highlighting
weaknesses in our management of
non-financial risk. Included 45
recommendations
2019
Following AUSTRAC proceedings
(December), APRA requested a
reassessment (CGA
reassessment) of the CGA self
assessment. APRA also increased
our operational risk capital add-on
to $1 billion
Activity progress
Risk governance
Of the 327 activities, 82 have been submitted to Promontory for
assurance and of those, 46 have been closed¹.
2020
245
82
14% of total activities have
been closed¹
Milestones
327
activities
■ Submitted
■Not yet due
Released CGA reassessment (July),
which reinforced findings and
identified further issues. The CORE
Program was established to
incorporate and address these
findings on non-financial risk.
Following APRA's risk governance
review, we entered into an
Enforceable Undertaking with APRA
to address deficiencies in risk
governance (December)
2021
Expanded the CORE
Program to improve financial
and non-financial risk
governance. Group
Executive Financial Crime,
Compliance & Conduct
assigned responsibility for
leading the CORE Program.
Integrated Plan approved by
APRA (April)
1 At 29 April 2021. Closed means the independent reviewer has assessed the activity as complete.
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Westpac Group 2021 Interim Results Presentation & Investor Discussion Pack
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