Westpac Case Study

Westpac Strategies

Internal Audit

• Group Assurance is Westpac’s internal audit

• Covers the governance, risk management and internal control frameworks of Westpac and our wholly owned subsidiaries

• access to all of our entities, and conducts audits and reviews following a risk-based planning approach, the outline for which has been approved by the Board Audit Committee

External Audit

• Our external auditor is PricewaterhouseCoopers (PwC)

• Provide an independent opinion that our financial reports are true and fair, and comply with applicable regulations.

• Strict relationship with PwC, including restrictions on employment, business relationships, financial interests and use of our financial products by the external auditor.

• Requirements

Greater choice as to how, when and where they work, so as to balance their work and life priorities.

• Equilibrium program 2016 that offers opportunities for women to transition into the financial services sector

Westpac behaviour to industry standards

Issue: released video of comparing its interest rate rise to the cost of bananas smoothie

Neglected to industry standards:

Code of Conduct- Promoting ethical and responsible behaviour ASXCGC’s Recommendations 3.1 and 3.3

Westpac did not retain their Code of Conduct principals which are;

• act with honesty and integrity;

• Value and maintain professionalism;

• Strive to be a good corporate citizen and achieve community respect.

Westpac had sent out a video to their customers to explain their unremarkable double increased 45 basis point interest rate to the Reserve Bank's 25 basis point rate rise. Customers left with no trust and unfairness as other major banks who had increase 5% to 12% interest rate.

They did not value its Customers or performed professionalism criticised. Customers felt the video is “childish and condescending” and comparison increase interest rate to banana smoothie.

The steps Westpac took to rectify the