APRA releases findings on implementation of cross-industry standard on remuneration
The Australian Prudential Regulation Authority (APRA) has released findings from a review on how entities are approaching the implementation of Prudential Standard CPS 511 Remuneration (CPS 511).
The letter released today follows the publication of final CPS 511 in August 2021 and APRA's commitment to publish the findings of the implementation of the standard by a subset of entities, predominantly Significant Financial Institutions.
The findings of the review demonstrate entities’ efforts to strengthen the alignment of remuneration and risk management in their remuneration frameworks. They also focus on common gaps observed during the review process that need to be considered by entities to ensure a sustainable change.
The letter to industry is available on the APRA website at: Findings from CPS 511 pre-implementation review.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.