Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Westpac NZ Actions Findings Of Independent Risk Governance Review

Westpac NZ accepts the findings of the independent risk governance review carried out by consultancy firm Oliver Wyman and is well advanced in addressing recommendations in the report.

The Reserve Bank of New Zealand (RBNZ) had required Westpac NZ to commission the review that the RBNZ released today.

Westpac NZ Board chairperson Pip Greenwood, who took over as Chair on 1 October, agreed strong risk governance and a strong risk culture are fundamental requirements for banks.

“We have always aimed for high standards of risk governance but acknowledge that in the instances identified we fell short.”

Ms Greenwood said since the RBNZ instructed the bank to commission the independent review in March 2021, a new chair and six new highly experienced and skilled directors had been appointed to the Westpac NZ Board.

“We have also followed up immediately on other recommendations in the report, including restructuring committees and overhauling the way information on risk is provided to the Board.”

Westpac NZ had also significantly increased investment in risk management in recent years.

“We’ll continue to review the collective skills on the Board, as the bank’s needs evolve, and I’m confident the mix of capability and experience we’ve now built, alongside the programme of work underway, sets us up well for the future.”

Ms Greenwood said improving risk governance and following through on recommendations in the report were key priorities for herself, the Board, new Westpac NZ chief executive Catherine McGrath, and new Board Risk and Compliance Committee chair Rob Hamilton.

“We’re united in our determination to keep lifting capability in this area and will continue to work constructively with the RBNZ on these matters and ensure they are up to speed with our progress and support our plans.”

  • A media release by the Reserve Bank of New Zealand and the report by Oliver Wyman can be found on the RBNZ website here.
  • Details of the Westpac NZ Board can be found here.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Foodstuffs: New World & Four Square Trial NZ’s First Grocery Delivery Offer With Uber Eats

New World & Four Square have partnered with Uber Eats to unlock the first grocery offering available on the platform in Aotearoa. For New World and Four Square it’s yet another way to put New Zealanders first, particularly with those inevitable last-minute grocery needs... More>>

Digitl: Download 2.0 – Vodafone Wi-Fi Calling hits early milestone
Vodafone says it has 10,000 customers using its Wi-Fi Calling service. It took less than three months to reach that milestone; the service began operating in September... More>>

Energy Resources Aotearoa: New Law On Decommissioning Could Be Costly Overkill
A new law on decommissioning oil and gas fields passed by Parliament today has good intentions but is overkill, according to Energy Resources Aotearoa. "We strongly support operators taking responsibility and paying the costs for decommissioning, which is what all good operators do," says chief executive John Carnegie... More>>



ABC Business Sales: Demand High For Covid-proof Businesses
Despite the continuing challenges facing businesses in this Covid environment, right now there are more buyers looking for a small-medium sized business than there are sellers in the market... More>>


PriceSpy: Producer Prices Increase
New Black Friday and Covid-19 Report* released by PriceSpy says people’s fear of stepping inside physical shops during big sales events like Black Friday has risen since last year; Kiwis are still planning to shop, but more than ever will do it online this year... More>>

NZ Skeptics Society: Announce Their 2021 Awards, And Dr Simon Thornley Wins The Bent Spoon

Every year the New Zealand Skeptics presents its awards to people and organisations who have impressed us or dismayed us, and this year it’s been hard to pick our winners because there have been so many choices!.. More>>



REINZ: Sales Volumes Leveling Out

Data released today by the Real Estate Institute of New Zealand (REINZ) shows there were 44 fewer lifestyle property sales (-2.6%) for the three months ended October 2021 than for the three months ended September 2021... More>>