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Westpac (ASX:WBC) gets APRA’s tick of approval

Westpac Banking Corp (ASX: WBC) shares could be a mover today after APRA gave Westpac’s risk governance plan a tick of approval.

APRA’s approval

APRA has given its approval for the integrated plan about risk governance. This plan was meant to outline in detail all major remediation activities related to risk governance. The plan was also mean to have clear timelines and specify who is accountable for delivery.

All of Westpac’s risk governance across both financial and non-financial risk will be strengthened and independently assured.

Westpac CEO Peter King said: “Our integrated plan outlines a comprehensive program of work to ensure the bank’s risk culture and risk governance meet the high standards expected of us. We have made progress on improving our management of risk over the past 12 months, however there is much more work to do to ensure sustainable change. 

The implementation of our integrated plan is a critical part of delivering on our Fix, Simplify, Perform strategic priorities and is one of my top focus areas.”

Brief thoughts on Westpac’s plan

It’s important that the major banks like Westpac learn and grow from their mistakes when it comes to risk governance such as what happened in the Royal Commission. If banks don’t improve then the same mistakes could happen again in the future.

Banks are going through a recovery, but long term growth is uncertain. Some ASX dividend shares that have been more consistent with their payouts over the last 12 months.

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Afterpay, Zip Co, Sezzle…

Is BNPL the opportunity of a lifetime or is the sector a ticking time bomb?

Rask's analyst has just finished a 7,500-word report, The Ultimate BNPL Sector Report, taking a deep dive into this booming ASX sector. It shines a spotlight on each of the major players. You can get the full analyst report for FREE by CLICKING HERE NOW.

Note: the report is 100% free.

At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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Rask Media’s Ultimate BNPL Sector Report

Afterpay, Zip, Sezzle… is this the opportunity of a lifetime? Or is BNPL a ticking time bomb? This 7,500-word analyst report takes a deep dive into the BNPL sector and shines a spotlight on each of the major players in this booming market. 

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As we emerge from COVID-19, some tech companies are growing faster than ever. Rask’s investment analysts have identified 3 growth stocks set to benefit. Big time.

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