Westpac chief audit exec Scott Kieran to depart key role

Westpac’s chief audit executive has flagged his plan to exit the key role, just as the bank ramps up a key technology project and defends a Federal Court case brought by a senior staff member.

Westpac’s Samantha Aitken is suing the bank over claims she was stigmatised for blowing the whistle about financial crimes within RAMS. AFP PHOTO/Greg WOOD

Westpac’s chief audit executive Scott Kieran – who leads a team of 200 people – has flagged his departure from the role, although he plans to stay until a replacement is found, according to sources.

Mr Kieran joined Westpac in 2019 from Bank of America in Hong Kong.

Most recently he has been in a general manager role at Westpac responsible for leading and setting the group audit function’s strategy and providing the board and Westpac’s executives with assurance and assessment of governance, risk and internal controls.

It is unclear if Mr Kieran has lined up another position elsewhere, but the departure was framed as him looking for his next challenge.

An email by Westpac chief financial officer Michael Rowland sent to staff about Mr Kieran’s departure said he had “grown and enhanced” the group audit function and supported the bank in efforts to improve its risk management practices, risk culture and control environment.

“Group Audit is well placed to continue this important work as we sustainably embed the changes made during CORE and we embark on large-scale transformation through UNITE,” Mr Rowland said in the email.

The departure comes as Westpac ramps up the internal project UNITE, which rationalises its disparate technology systems, networks and platforms from more than 180 to about 60.

It is a top priority for new chief executive Anthony Miller after current boss Peter King outlined the key planks of the strategy earlier this year.

Westpac’s chief audit executive Scott Kieran.

Mr Kieran has, though, in the past three months become entangled in a Federal Court case brought by Westpac’s head of risk and treasury audit Samantha Aitken, who is suing the bank over claims she was ­repeatedly stigmatised for blowing the whistle about financial crimes within mortgage broking arm RAMS.

Among the allegations made in the Federal Court action are that Mr Kieran “refused, failed or neglected to respond” to at least one complaint made by Ms Aitken.

On another occasion it is claimed Mr Kieran directed Ms Aitken not to put any communication to the regulatory affairs team in writing about an upcoming meeting with the corporate and prudential regulators.

A further allegation centred on Mr Kieran having a conversation with head of risk and audit Rod Skinner and expressing dissatisfaction Mr Skinner had involved him in the RAMs matter and put Ms Aitken’s concerns in writing to him.

Westpac refutes any allegations it broke workplace laws and is defending the case brought by Ms Aitken.

“Scott is a highly respected leader who always acts with absolute integrity,” a Westpac spokesman said.

“After over five years in group audit, he made the decision to leave the role to pursue other opportunities and this decision was unrelated to the (RAMS) case.”

The bank has filed a genuine steps statement which essentially outlines what it believes it has done to try to resolve the dispute. A formal defence document is yet to be filed.

Ms Aitken alleges she was badged a “troublemaker” after she raised concerns about suspected fraud and other criminal activities within the RAMS Fairfield franchise which were repeatedly ignored by some of Westpac’s senior executives.

The Westpac spokesman has previously said the bank “took appropriate ­action in 2022” after its risk controls uncovered ­issues in some RAMS loan applications. He noted the issues raised “were acted upon”.

Westpac in August closed its RAMS division after unsuccessfully putting it up for sale and as it battled a class action by franchisees and a regulatory probe into the broking firm.

At the time the bank said it would immediately close RAMS to new home loan applications following a strategic review.

The bank settled with RAMS franchisees for undisclosed amounts.

Prior to an eight-year stint with Bank of America, Mr Kieran spent 12 years at UBS including time in Hong Kong as regional head of audit for the Asia Pacific, according to LinkedIn.

He has also worked for Bankers Trust Australia and Price Waterhouse, prior to the firm becoming PwC.