The Bank of New Zealand says the risk governance of Westpac New Zealand needs “significant improvement” Reuters

© Reuters. File photo: On June 3, 2020, the office building with the Westpac logo can be seen in the case of the relaxation of the coronavirus disease (COVID-19) restrictions in the Sydney Central Business District, Australia. REUTERS/Loren Elliott

(Reuters)-The Reserve Bank of New Zealand (RBNZ) said on Thursday that after an independent report highlighted “significant flaws” in board oversight, Westpac’s local department needed to address risk governance and compliance issues.

The report, prepared by the management consulting firm Oliver Wyman, stated that the bank’s board of directors did not meet the “standard” expectations for implementing risk governance measures, and pointed out that the bank’s investment in risk management capabilities appeared to be “passive, while Not strategic”.

The Deputy Governor of the Bank of New Zealand, Jeff Baskander, said in a statement: “We hope that Westpac New Zealand will give priority to remedial measures in accordance with the report’s recommendations and will pay close attention to their efforts to ensure their effectiveness.” news/ 2021/11/external-report-highlights-material-shortcomings-with-westpac-nzs-risk-governance.

The report was commissioned by Westpac Bank of New Zealand in March in accordance with the instructions of RBNZ.

Bascand added that although the bank’s board of directors has resolved some of the reported findings, “there is still a lot to do.”

Westpac NZ accepted the results of the review in a separate statement and stated that it was “very advanced” in addressing the recommendations in the report.

“We also immediately followed up on other recommendations in the report, including restructuring the committee and overhauling the way in which risk information is provided to the board of directors,” added Pip Greenwood, chairman of the board of directors of Westpac New Zealand.

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