After 22 years at the bank, Westpac Group's chief risk officer Alexandra Holcomb, is leaving on June 25. She has been CRO since 2014.Holcomb will be replaced by RBS's group chief risk officer David Stephen. The exact date when Stephen will join Westpac is unspecificed. Until he steps in, Westpac's CFO Peter King will be interim CRO.The appointment of Stephen, announced just after Holcomb announced her planned retirement in November, is controversial in light of his sudden departure from ANZ in 2008.A review of ANZ's involvement in the Opes Prime share lending debacle by the former head of KPMG Australia, David Crawford, identified cultural and risk management failures in ANZ's securities lending business.Crawford found the bank lacked a clear understanding of securities lending and did not act on shortcomings in the business unit that were identified by several internal audits.ANZ eventually dished out more than A$200 million to compensate Opes Prime creditors after the liquidator initiated legal action against the bank.ANZ announced on 22 August 2008 (the same day that the findings of Crawford's review were announced by then chief executive, Mike Smith) that Stephen and five other managers and executives were leaving the bank.