The Australian Prudential Regulation Authority (APRA) today released the results of APRA’s most recent surveys of its stakeholders. The first surveys of APRA’s stakeholders were conducted in 2009 with subsequent surveys undertaken in 2011 and 2013.
When APRA published its Service Charter in December 2011, it said it would undertake surveys of regulated institutions, industry bodies and other stakeholders to assist its understanding of the impact of APRA’s prudential framework and the effectiveness of APRA’s supervision. The surveys are an important tool by which APRA monitors and reports on its performance.
Conducted earlier this year by Australian Survey Research (ASR), the surveys collected responses from two groups of stakeholders using a similar questionnaire: one of regulated institutions and a shorter survey of industry representatives and other knowledgeable observers. According to ASR, the 2015 survey results demonstrate that ‘regulated institutions continued to support APRA’s mission, prudential framework, its staff and its approach to supervision.’
Given the critical role they play within the prudential framework, this year APRA also conducted a survey of directors of authorised deposit-taking institutions and insurers. ASR also conducted this survey, and commented that ‘overall, the results of this survey were positive. On average, directors endorsed APRA’s framework, guidance material and supervision. A vast majority indicated that APRA’s standards had a positive impact on their risk management practices.’
The results of the 2015 APRA Stakeholder Surveys are published on the APRA website.