Westpac admits having scandalous risk culture; CEO pledges action
After a critical internal review, the bank admitted that it has failed to fix an "immature and reactive" culture of dealing with risks.
The banking giant has been a part of a series of scandals including last year's anti-money laundering as well as a child exploitation scandal.
The Australian Prudential Regulation Authority (APRA) has forced the lender to "reassess" its risk culture, governance and accountability.
