Under its enabling legislation, APRA's governance structure comprises a full-time Executive Group of at least three and no more than five Members. The Executive Group is responsible and accountable for the operation and performance of APRA. 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 meetings with APRA’s senior management at least weekly for high-level information sharing and decisions on more routine supervisory and organisational matters.
APRA has a number of governance committees that support the Executive Group to oversee APRA’s core functions and capabilities, including an Audit Committee and Risk Management Committee.
The role of the Audit Committee is to provide independent assurance to the APRA Chairman on APRA's financial and performance reporting responsibilities, systems of internal control and compliance with applicable laws and regulations.
The Audit Committee comprises three members, the majority of whom are external (independent) members and one of whom is an APRA Member. The committee is chaired by one of the external members (who also has a casting vote if needed).
Regular attendees at Audit Committee meetings include the Chief Internal Auditor, the Chief Risk Officer and a representative of the Australian National Audit Office (ANAO). The Chairman of APRA, and other senior APRA executives, may attend by invitation.
The Audit Committee usually meets four times per year. An additional meeting is held to review APRA's Annual Financial Statements.
Risk Management Committee
The role of the Risk Management Committee (RMC) is to provide independent assurance and advice to the APRA Chairman (and, where necessary, the Audit Committee) on APRA's risk management operations.
As is the case for the Audit Committee, the RMC consists of three members, the majority of whom are external (independent) members. The chair of the RMC is always one of the external members (who also has a casting vote if needed).
Regular attendees at RMC meetings include the Chief Risk Officer and other management representatives. Representatives of the Australian National Audit Office (ANAO) are invited to attend as observers.
The RMC usually meets four times per year.