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Corporate plan considers capability

Following the Australian securities and Investments Commission’s (ASIC) release of their corporate plan this week, the Australian Prudential Regulation Authority (APRA) released their corporate plan for 2019-2023.

The key areas on which APRA are focusing include:

  • maintaining financial system resilience;

  • improving outcomes for superannuation members;

  • improving cyber-resilience across the financial system; and

  • transforming governance, culture, remuneration and accountability across all regulated financial institutions.

APRA Chairman, Wayne Byres, said this week that, “The new Corporate Plan acknowledges increased expectations of APRA and fulfils the recommendations of the Royal Commission and Capability Review. Amongst other things, we will place greater emphasis on the supervision of ‘non-financial risks’, such as culture and accountability, and take a ’constructively tough’ enforcement approach when breaches of our prudential standards occur.”

The regulator also responded to the criticisms highlighted in their capability review that they have been ‘too slow’ and bit of a ‘light touch’ when it comes to enforcement of the existing regulation.

“APRA is well aware of the heightened expectations of the organisation, and will be regularly reporting on the progress we are making in delivering better community outcomes across the four areas of strategic focus we have called out,” Byres said.

The focus as it concerns the capability of the regulator:

  • improving and broadening risk-based supervision;

  • improving resolution capability;

  • improving external engagement and collaboration;

  • transforming data-enabled decision-making; and

Transforming leadership, people and culture.

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