Westpac (ASX:WBC) enters into enforceable undertaking

Company News

by Melissa Darmawan

Westpac (ASX:WBC) has entered into an enforceable undertaking with the Australian Prudential Regulation Authority on risk governance remediation.

Earlier this week the company announced it had received APRA’s review of risk governance and said significant work was required to address the Group’s short comings.

Key terms of the remediation plan include clarity on accountability, provide sufficient funding and resources to implement the plan, set a clear timeline for implementation and specify who is accountable for delivery.

Shares in Westpac (ASX:WBC) shares closed 0.1 per cent higher at $20.30.