The Australian Prudential Regulation Authority’s (APRA’s) 2021 Stakeholder Survey has found that APRA’s regulatory and supervisory approaches have positively impacted the banking, insurance and superannuation industries during COVID-19.
APRA today released the findings of its biennial survey of regulated entities, as well as “knowledgeable observers”, such as auditors, actuaries, and industry associations. Orima Research conducted the survey, which received responses from 297 regulated entities and 31 Knowledgeable Observers. This is APRA’s seventh Stakeholder Survey since 2009.
The survey found that 95 per cent of regulated entities believe that APRA effectively communicated its changing expectations during COVID-19, while 87 per cent agree that APRA’s policy responses were appropriate and helpful to their entity during the pandemic.
More than 95 percent of entities believe that APRA’s supervision helps to protect both their industry and the financial wellbeing of the Australian community.
Other key findings include:
- 95 per cent agree that APRA’s public communications are clear and effective;
- 93 per cent agree that APRA is effective in identifying risks across their industry; and
- 87 per cent agree that APRA’s increased focus on risk culture had a positive impact on their entity.
Within the high and positive results overall, the survey indicated that a quarter of regulated entities feel the burden of APRA’s regulation is too high for the benefit gained by their entity, and that almost one-third of respondents believe that APRA collects too much statistical data.
APRA Chair Wayne Byres said: “The biennial stakeholder survey is an important tool that helps us monitor our performance and the effectiveness of our supervision activities. It’s pleasing to see that, overwhelmingly, entities are supportive of the work that we are doing and the actions we have taken during COVID-19.
“The stakeholder survey also helps to identify areas where we can improve. Our updated Corporate Plan includes our commitment to modernising the prudential framework so that it’s less burdensome and more adaptable to the rapidly evolving financial sector.
“Regularly publishing the survey results also underlines our commitment to transparency and accountability,” Mr Byres said.
The full 2021 Stakeholder Survey results can be found on the APRA website at Stakeholder Survey.