Westpac NZ independent risk governance review

Classification: PROTECTED
ASX
Release


25 November 2021

Westpac New Zealand Independent Risk Review Report

Westpac New Zealand Limited (“WNZL”) has today released the attached media
statement in relation to the Independent Review Report on WNZL’s risk governance.









For further information:

David Lording Andrew Bowden
Group Head of Media Relations Head of Investor Relations
0419 683 411 0438 284 863


This document has been authorised for release by Tim Hartin, Company Secretary.




Level 18, 275 Kent Street
Sydney, NSW, 2000

Classification: PROTECTED

25 November 2021
Media release

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.”

Classification: PROTECTED
• 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.

ENDS

Media contact:
Will Hine
Westpac NZ Senior Manager External Communications
021 433 715