APRA announced changes to its organizational structure in line with the strategic objectives set out in its recently released Corporate Plan for 2019-23. APRA also announced a number of new executive appointments, reflecting the new organizational structure. The new appointments and organizational changes will formally take effect from December 01, 2019.
APRA will move to an industry-based supervision model, with separate supervisory divisions responsible for superannuation, insurance, and banking. Under the new structure, each of the six operating divisions will be led by an Executive Director, with the following appointments made:
- Sean Carmody as Executive Director, Cross-Industry Insights & Data
- Brandon Khoo as Executive Director, Insurance
- Therese McCarthy Hockey as Executive Director, Banking
- Suzanne Smith as Executive Director, Superannuation
- Steve Matthews as Chief Operating Officer and Executive Director, Enterprise Services
- Heidi Richards will act in the role of Executive Director, Policy & Advice pending a permanent appointment to that role
Following the recommendations of the Capability Review, APRA will also strengthen and intensify its focus and resources allocated to the supervision of governance, culture, remuneration, and accountability as well as technology-related risks and operational resilience. In addition, a new Accountability Regime unit is being established and this unit will be dedicated to delivering on the government’s planned extension of the Banking Executive Accountability Regime across all the industries APRA regulates.
Keywords: Asia Pacific, Australia, Insurance, Pensions, Superannuation, Executive Appointments, Organizational Restructuring, APRA
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