THE KNOWLEDGE MANAGEMENT

Running head: KNOWLEDGE MANAGEMENT
KNOWLEDGE MANAGEMENT
Name of the Student
Name of the University
Author Note

KNOWLEDGE MANAGEMENT1
Executive Summary
The aim of this paper will be to prepare a discussion paper on the present contemporary issues
that are related to the knowledge management, based on Westpac Bank, the financial institution
from Australia. The selected issue related to the knowledge management is privacy and
confidentiality, which can be treated as one of the main issues that can arise in the banking and
financial sectors. An introduction of the issue will be given in this paper, along with the
summary of the present initiatives and developments in relation with the selected issue. The
issues and challenges that are currently arising or may arise in future will also be addressed in
this paper.

KNOWLEDGE MANAGEMENT2
Table of Contents
Introduction......................................................................................................................................3
About the Organization....................................................................................................................3
Privacy and Confidentiality.............................................................................................................4
Importance of Knowledge Management.........................................................................................4
Introduction of the Issue..................................................................................................................5
Current Initiatives and Developments.............................................................................................6
Issues and Challenges......................................................................................................................7
Implications of Knowledge Management Practice..........................................................................8
Conclusion.......................................................................................................................................8
Reference.......................................................................................................................................10

KNOWLEDGE MANAGEMENT3
Introduction
The purpose of this paper will be to prepare a discussion paper on the present
contemporary issues that are related to the knowledge management, based on the organization of
Westpac Bank. The selected issue related to the knowledge management is privacy and
confidentiality, which can be treated as one of the main issues that can arise in the banking and
financial sectors. An introduction of the issue will be given in this paper, along with the
summary of the present initiatives and developments in relation with the selected issue. The
issues and challenges that are currently arising or may arise in future will also be addressed in
this paper. The issue selected will be the money-laundering case that has breached by the
management of Westpac Banking Corporation 23 million times, the details of which will be
discussed in this paper.
About the Organization
Westpac Banking Corporation, in this context, can be said to be an organization from
banking and financial sector and operates in the region of Australia. The organization was
founded in the year of 1817, and is based in Sydney. This financial service provider was formed
by merger of two banks, which are Bank of New South Wales and Commercial Bank of
Australia. Westpac Banking Corporation is regarded as one of the Big Four banking institutions
from the market place of Australia. They are also treated as first as well as the oldest banking
company. There are more than 1,200 branches and 3,200 ATMs. The products that are offered by
this financial institution are finance and insurance, corporate banking, investment management,
investment banking, private equity, credit cards, global wealth management and mortgages
(westpac.com.au 2020).