May 30 (Reuters) - The Reserve Bank of New Zealand on Monday saw improvement in liquidity risk management from lender Westpac Banking Corp's (WBC) New Zealand unit, after flagging "material shortcomings" late last year.
The report, prepared by an independent entity, found that Westpac NZ's liquidity recovered after departing from its parent company's model and other "risk management enhancements" led to improvement in its liquidity control environment.
In November, the central bank said that the Australian lender needs to address risk governance and compliance concerns after a report found that the bank's investment in risk management capabilities appeared "reactive, rather than strategic".
Liquidity risk management essentially refers to a bank's ability to meets cash and collateral obligations without sustaining unacceptable losses.
"We are encouraged to see that Westpac NZ has taken the necessary steps to improve its liquidity risk management and risk culture by increasing its resourcing and improving its governance processes," said RBNZ's Deputy Governor Christian Hawkesby.
News: WBC RBNZ finds better liquidity management from Westpac's local unit
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Mkt cap ! $113.6B | |||
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