Regulator performance framework
The Framework came into effect on 1 July 2015 and establishes six Key Performance Indicators (KPIs) including:
- Regulators do not unnecessarily impede the efficient operation of regulated entities.
- Communication with regulated entities is clear, targeted and effective.
- Actions undertaken by regulators are proportionate to the regulatory risk being managed.
- Compliance and monitoring approaches are streamlined and coordinated.
- Regulators are open and transparent in their dealings with regulated entities.
- Regulators actively contribute to the continuous improvement of regulatory frameworks.
More information can be found at http://www.cuttingredtape.gov.au/resources/rpf
In accordance with the Framework, all regulators are to undertake an annual self-assessment of their performance against each KPI. APRA’s self-assessment includes quantitative and qualitative information as well as examples that outline specific actions taken during the financial year that relate to APRA’s performance against each KPI. APRA’s self-assessment is externally validated through the approved stakeholder consultation mechanism with feedback received from industry associations that participate in the process. APRA’s self-assessments for the 2015/16 and 2016/17 periods are available below.