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Westpac Banking Corporation generally known as Westpac is Australia's first bank and financial service provider headquartered in Sydney. It provides of range of innovative financial packages to promote the profile of corporate, individuals and other forms of business. Westpac's group focus and emphasis are based on delighting their customer residing in several countries across the globe and therefore serving their financial needs. Their vision is of becoming great companies to serve people and helping customers, people and communities to grow and prosper.
Westpac Banking Corporation is a leading financial service provider in the world with best ratings and is preferred by customers for quality of services delivered.
External factors present outside the boundary of the organisation plays a vital role in shaping functions and activities carried on by the entity. Major external forces are as follows:
In Australia all the banking and financial companies are governed by Banking Act, 1959 which reflects all the information and norms regarding presentation of Financial Reporting Frameworks (Salim, Arjomandi and Seufert, J2016). All the banks operating in the geographical bo0undaries need to submit periodical returns and follow the reporting criteria specified by the Reserve Bank of Australia. Under the initiative by government of Australia approved codes of practice are formulated to achieve the health and safety by issuing Work Health and safety Act and regulations for healthy working conditions. Work life balance in Australia is an ideal example for companies all over the world (Willis, 2015). Various business regulations are established to ensure fair trading and ethical business practices. Some of the Laws are Australian Intellectual Property Laws, Financial Reporting Laws, Australian export and import laws which will greatly impact functioning of Westpac.
Westpac is a company with higher values and treats customer as a king as he is final consumer of services. Ethical standards of Westpac are really high and comes first in rank as compared to wealth maximisation (Tricker, 2015). Core values considered by Westpac are Integrity of efforts and information, Courage reflecting strength in pain and heading high in bad times, Achievement of targeted goals is one of the core values , idea of combining each individual into team progress through one team in addition to main motive of achieving the delighting faces of Customers. Westpac strictly adhere to their internal policies on Code of Conduct and Westpac Group Diversity policy as well.
Internal audit review is done by an independent body established to review the testing , reporting and evaluating the effectiveness and adequacy of management's control and operational framework. Westpac Internal audit function has access to all the entities of westpac present anywhere in the world to conduct audit and review by following a risk based approach. External Auditors are recommended by Audit Committee of Westpac and appointed by Board of Directors after considering the terms of engagement. External audits are conducted to gain an opinion from Auditors that Financial Statements are accurate and fair and free from material misstatements therein.
It refers to promoting transparency, fairness and accountability by formulating responsibilities and rights of the shareholders, management and the Board. Good Governance is treated as indicator of quality and capability of management.
The below mentioned diagram present the current board committees and governance structure of the Westpac however as per the circumstances committees may be assigned extra responsibilities. Board takes active participation in due diligence for strategic decision making, investing and capital activities. Board issues policies and procedural framework to be followed for management of risk across the group.
Westpac strongly believes that people are at heart of their organisation and everything they do. They believes in recognition and rewarding the workplace environment consisting of diversity, flexibility and value based behaviour. Westpac equally focusses on training and development of employees to contribute to their overall personality development. Various motivational and developing leaders is an area which is focussed upon for increasing the quality of services delivered to customer. It also formulate an environment creating culture of speed, quality results and simplicity.
Westpac takes various actions and steps for training and development of staff. It aims to provide online induction and use of highly virtual networks are promoted. Interactive training tools are devised to offer new leaders the knowledge , resources and tools needed to fulfil their responsibilities. Informal training is provided by sending employees to seminars where prominent speakers express their expertise about particular subject or involving employees into group discussions (Talwar and Thakur, 2016). Informal training provides richest and deepest knowledge as it generally occurs naturally in life.
Non compliance of labour laws by increasing the working hours and therefore causing work life unbalance in the organisation. In case of unhealthy practices in the working culture of the entity is also an instance of non conformity to the standards In case of Westpac if periodical returns are not submitted to the Reserve Bank Of Australia even after continuous reminder it reflects the non conformance of standards. If employee of bank behaves in a annoying and arrogant manner with the customer it results into break down of rules set out by the Industry.
Westpac employed a responsible and efficient corporate governance to trace the non conformities and take corrective actions thereupon. Westpac should guide the employees and staff clearly about the customer behaviour policies and proper presentation of the values of organisation. Reminder policies should;d be set up to reduce the failure of submissions of returns to the Reserve Bank Of Australia.
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It can be concluded that Westpac is an organisation with great values and main objectives revolve around customer satisfaction. Its focus is on overall training and development of the employees which will increase the productivity of financial services provided by the Bank. Also team work and cooperation is a major pillar of success of research and reports.
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