The Australian Prudential Regulation Authority (APRA) announced last week that it would reduce the $1 billion operational risk capital add-on it had applied to Westpac by $500 million. APRA said the reduction was due to the bank's progress in improving its governance, culture, and risk management.
APRA imposed a $500 million add-on in July 2019 after Westpac's Risk Governance Self-Assessment uncovered serious shortcomings. The regulator added an additional $500 million later in 2019 amid further risk governance concerns.
This content is available to paid Members of Starling Insights.
If you are a Member of Starling Insights, you can sign in below to access this item.
If you are not a member, please consider joining Starling Insights to support our work and get access to our entire platform. Enjoy hundreds of articles and related content from past editions of the Compendium, special video and print reports, as well as Starling's observations and comments on current issues in culture & conduct risk management.
Join The Discussion