APRA's governance structure
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.
You can read profiles of APRA 's Members and Executive General Managers.
APRA has a number of governance committees that support the Executive Group to oversee APRA’s core functions and capabilities, including the Audit & Risk Committee.
Audit & Risk Committee
The role of the Audit & Risk Committee is to provide independent assurance to the APRA Chairman on APRA's financial and performance reporting responsibilities, risk management operations, systems of internal control and compliance with applicable laws and regulations.
The Audit & Risk 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 the Audit & Risk Committee meetings include the Chief Internal Auditor, the Chief Risk Officer and a representative of the Australian National Audit Office. The Chairman of APRA, and other senior APRA executives, may attend by invitation.
The Audit & Risk Committee usually meets four times per year. An additional meeting is held to review APRA's Annual Financial Statements.
The Audit & Risk Committee’s Charter is available below: