The Australian Prudential Regulation Authority (APRA) has set out its policy and supervision priorities for the next 12 to 18 months with an emphasis on fulfilling the four strategic goals of its Corporate Plan: maintaining financial system resilience; improving outcomes for superannuation members; improving cyber-resilience in the financial sector; and transforming governance, culture, remuneration and accountability (GCRA) across all APRA-regulated institutions.
Consistent with previous years, APRA’s Policy Priorities document gives industry a forward view of APRA’s planned changes to the prudential framework. This is now being supported by the publication of APRA’s Supervision Priorities, outlining how the regulator’s supervision function will be directed towards significant risks within the financial system, and acting to ensure those risks are well managed and mitigated.
Among APRA’s key cross-industry policy priorities for 2020 are initiatives aimed at driving improvements in GCRA, including finalising a more robust prudential standard on remuneration, and updating prudential standards on governance and risk management.
The media release that accompanied the release of the new publications is available here.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $7.9 trillion in assets for Australian depositors, policyholders and superannuation fund members.
Subscribe for updates
To receive media releases, publications, speeches and other industry-related information by email