Westpac Banking Corporation: A Strategic Analysis

Running head: COST ACCOUNTANT
Cost Accountant
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1COST ACCOUNTANT
Introduction
In the world there are organizations that stresses more on the use regarding the
sustainability of business that practices the survival strategies for overall development as well
as growth. The need of external competitive environment that caused the requirement of an
organization to proceed out their business activities in such manner that they ensure social,
economic as well as environment development. Sustainability suggests for industries to
deliberate the long-term influence of their working doings as well as includes the usage of
such performs that maximizes the comforts of all its shareholders. The report presents the
strategic of Westpac Banking Corporation. The bank has been in the news form past many
years. The report covers the aspect of managerial practise, the accounting tool, the
sustainability as well the vision of the bank. The report is concluded with the
recommendation on management accounting tool.

2COST ACCOUNTANT
Discussion
Background of Westpac Corporation Bank
In the year 2014, World Economic Forum had given reorganization to Westpac Corporation
as a leader in the list of ‘Global 100 Most Sustainable Corporations in the World. The
business is characterized as one of the most important public bank of Australia. It is indulge
in in case that banking as well as fiscal facilities to around 13 billion consumers globally. The
bank has achieved the fame of leader by generating long-term value to the consumers,
stakeholders in long-term, employees, as well as community. Westpac has industrialised and
continued a work values of enterprise communal, ecological and commercial accountability
to generate a maintainable future. The combination of sustainability as an important part of
its occupational policy has allowed Westpac to make the most of its presentation by
endorsing its goodwill globally. westpacgroup.com.au. (2017).
Establishment Year
Westpac Corporation was established in the year 1817. It headquarter is in Westpac Place at
Sydney, in Australia.
Vision and Mission
The vision of the corporation is emerging as the world`s highest fiscal service
provider, that helps consumers, society, as well as helping people in prospering and growing.
The mission statement stated that it has aim to be recognized as the leading fiscal service
provider in the markets of New Zealand as well as Australia. This mission as well as vision
declaration is suitable for the institute that it permits the company to contend in the banking
industry constructively. westpacgroup.com.au. (2019).

3COST ACCOUNTANT
Managerial Highlights
 It is the first bank that is supporting the Green Challenge Plus package hurled by
Australian government, goals at decreasing the radiation of greenhouse gases on or
after the nation’s manufacturing sector.
 The bank has sprang a ‘Social Change Fellowship Program’ in order to aim for
improving the well-being of the citizens by inculcating a confident socialising change.
This platform is targeted at as long as chance to the Australian people to travel their
possible over and done with registering in a modified plan that will advance their
services as well as aptitudes.
 It is enthusiastically convoluted in emerging comprehensive substructure, stimulating
admittance to education as well as enlightening the condition of living in these zones.
Westpac has presented a micro-business advances plan that goals to deliver reserves
to the corporate units in these extents that does not contests the conventional
advancing criteria.
 By abiding the standards of Code of Conduct bank sustains with the suppliers. Both
bank as well as the suppliers follow the Code of Conduct. This results in gaining the
trust as well as maintaining the interest.
 Westpac also obeys positively with all the constitutional necessities of New Zealand
(NZ) has consequently recognised its subordinate in the nation ‘Westpac New
Zealand’ for providing its monetary as well as financing services to the clienteles of
New Zealand.
 The operations of bank are supervised as well as monitored by the US Federal
Reserve and International Banking Act (IBA).
 . IBA act upholds that overseas banks are not permissible to found a subdivision in the
US deprived of procurement permission of the US Federal Reserve.