The Australian financial sector is subject to several international assessments from international bodies such as the Basel Committee of Banking Supervision (BCBS) and the International Monetary Fund (IMF). These assessments provide valuable opportunities for APRA to benchmark against international principles, in line with APRA's vision to be a world class prudential regulator.
Regulatory Consistency Assessment Programme
In 2011, the Basel Committee established the Regulatory Consistency Assessment Programme (RCAP) to monitor, assess and evaluate its members’ implementation of the Basel Framework. RCAP assessments aim to ensure that each member jurisdiction adopts the Basel Framework in a manner consistent with the Framework’s letter and spirit.