Westpac will shortly release a copy of the panel report on its treatment of the Austrac issues and the assurance report from Promontory over its board governance.
The reports were commissioned in December in the wake of the Austrac charges which sparked the departure of former boss Brian Hartzer and chair Lindsay Maxsted.
The panel comprised of former Telstra boss Ziggy Switkowski, Energy Security Board chair Kerry Schott and board guru Colin Carter has handed its report to the bank.
It was asked to look into “board risk governance and board accountability in relation to the issues raised in Austrac’s Statement of Claim”.
Promontory was asked to “provide assurance over Westpac’s assessment of management accountability and the adequacy of Westpac’s Financial Crime Program”.
The bank has promised to release both papers to the extent possible in the run up to any court fight with Austrac.
It is also subject to reviews by both ASIC and APRA.
The bank has set aside $900m as provisions for a potential settlement of the claim which involved allegedly 23 million breaches of the money laundering rules.
Westpac is still negotiating a potential settlement with Austrac.
Separately, it will shortly appoint KPMG to conduct a major risk management assessment for the bank.
It has completed an internal review of governance issues together with lawyer King&Wood Mallesons.
The flurry of reports comes amid some key management departures from the bank with the latest being the highly regarded head of the institutional bank Lyn Cobley.
She assumed the top job in 2015 replacing Rob Whitfield.
Her position will be filled by Curt Zuber whose role as Treasurer will be filled by Jo Dawson.
Earlier retail boss David Lindberg left to join RBS in London and chief technology officer Craig Bright to Barclays.
The three departures give new bank boss Peter King the chance to select his own management team.
All three had their own reasons to leave, but their departures underline the new world for bank executives post the Royal Commission and APRA’s BEAR regime (banking executive accountability).
The new focus inevitably means lower pay and less executive freedom, which might not be viewed as such a positive for bank executives.
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