The Australian financial sector has continued to strongly endorse the performance of the Australian Prudential Regulation Authority (APRA) as benefitting their industries and protecting the financial well-being of the wider community, APRA’s latest stakeholder survey shows.
APRA today released its 2017 Stakeholder Survey Report, which found very strong agreement amongst regulated entities that APRA’s supervision and enforcement of prudential requirements helped to protect the financial well-being of the Australian community, and benefited their industry in general.
The survey, conducted on APRA’s behalf by Orima Research, collated feedback from 320 financial sector companies including banks and credit unions, life, general and private health insurers, superannuation funds and industry associations. ‘Knowledgeable Observers’, such as auditors and actuaries, were also asked for their views.
Other strongly positive findings included that:
- APRA’s supervision was consistent with its mission;
- APRA’s supervision had a positive impact on risk management practices and risk culture; and
- APRA was effective in enforcing its prudential requirements.
In relation to areas for improvement, survey participants encouraged APRA to enhance its analysis of the relative costs and benefits of regulation on industry.
APRA Chairman Wayne Byres said the results were broadly consistent with the previous Stakeholder Survey conducted in 2015.
“Though the 2017 survey picked up some slight variations compared with two years ago, it confirmed APRA has an overwhelmingly positive and productive relationship with the entities it regulates.
“The biennial Stakeholder Survey is an important tool for APRA to monitor its performance, and the effectiveness of its prudential supervision activities. It allows APRA to identify any concerns the industry may have and potential areas for improvement. APRA publishes the results of the survey as part of its commitment to transparency and accountability,” Mr Byres said.
The 2017 APRA Stakeholder Survey Report is available on APRA’s website.