The governance structure comprises a full-time Executive Group of at least three and no more than five members APRA member profiles. The Executive Group is responsible and accountable for the operation and performance of APRA.

In performing and exercising its functions and powers, APRA is required to balance the objectives of financial safety and efficiency, competition, contestability and competitive neutrality.

APRA’s responsibilities include the development of regulatory and supervisory policies relating to the performance of its role as prudential regulator, including the making of prudential standards under relevant legislation.

The Executive Group meets formally on a monthly basis, and more frequently as required, to discuss and resolve the major policy, supervisory and strategic issues facing APRA at the time. It also holds management group meetings with APRA’s senior management at least weekly for high-level information sharing and decisions on more routine supervisory and organisational matters.

Risk Management and Audit Committee

APRA has a Risk Management and Audit Committee that provides independent assurance and assistance to the APRA members on APRA’s risk, control and compliance framework, and its external accountability responsibilities.

The Committee comprises an external chair (with casting vote), one external member, one member of APRA’s Executive Group and one Executive General Manager (on a one-year rotation). In addition, regular attendees at committee meetings are the General Manager Risk Assessment and Internal Audit, the Chief Financial Officer and a representative of the Australian National Audit Office. The Chairman of APRA may attend by invitation.