Customer Outcomes and Risk Excellence (CORE) Program
At Westpac, proactive risk management and risk culture are critical foundations of our strategy. Aligned to four pillars, Customer, Easy, Expert, Advocate, our strategy seeks to deliver on our purpose of creating better futures together.
Our Customer Outcomes and Risk Excellence Program (CORE) drove the delivery of the Integrated Plan, (PDF 33KB) a comprehensive program of work designed to strengthen risk frameworks and processes, further clarify accountability, and improve the Group’s risk culture to achieve better outcomes for our customers.
Improving risk governance
Westpac entered into an Enforceable Undertaking (EU) with APRA on 3 December 2020 which outlined Westpac’s commitment to address its risk governance deficiencies. As part of this agreement, Westpac designed and is currently implementing the Integrated Plan, approved by APRA, which outlines the Group’s risk governance remediation activities.
Westpac appointed Promontory Australia to act as the Independent Reviewer of Westpac’s delivery of the Integrated Plan.
As part of its commitment, Westpac also assigned accountability for delivery and oversight of the Integrated Plan to members of Westpac’s senior management.
Building a simpler, stronger bank
We expect to deliver better customer outcomes through improvements in business performance and risk management to ensure:
- We are a well-run business where risk is actively managed
- A simplified organisational construct with clear accountabilities
- Three lines of defence is understood and embedded
- Our people understand risks and proactively manage them
- We’re known for execution excellence and getting it done
Read Promontory Australia’s Twelfth and Final Report (PDF 1015KB) into the progress of Westpac’s Integrated Plan.
Read the ASX Release: Reduction in operational risk capital overlay (PDF 93KB).