Featured Product

    APRA Publishes Corporate Plan for 2019-2023

    August 29, 2019

    APRA published its updated corporate plan with a sharpened focus on regulating non-financial risks and improving outcomes for superannuation members. The Corporate Plan for 2019-2023 sets out a roadmap for reinforcing APRA’s strong track record for safeguarding financial stability, while lifting its capabilities in other key areas to better address emerging and future challenges. The 2019-2023 corporate plan comes into effect immediately.

    The content of the plan has been influenced by the findings of six separate reviews and inquiries over the past 18 months that examined aspects of APRA’s regulatory approach and performance, including the financial services Royal Commission review and the recent Capability Review. In response, the new corporate plan of APRA has identified four areas of strategic focus aimed at strengthening outcomes for the Australian community:

    • Maintaining financial system resilience. This includes milestones such as moving from a three-yearly to an annual stress-testing cycle for authorized-deposit taking institutions; improving the data submitted by authorized-deposit taking institutions to enhance the prudential supervision of the industry by APRA; implementing changes to strengthen the capital prudential standards that apply to authorized-deposit taking institutions; and strengthening governance and risk management practices in the superannuation industry.
    • Improving outcomes for superannuation members. This includes improving quality and consistency of superannuation data submitted to APRA, publishing additional data on the APRA assessment of superannuation performance, facilitating implementation of legislation and strengthen prudential standards, improving the transparency of supervisory actions taken by APRA, and publishing results of benchmarking exercises.
    • Improving cyber-resilience across the financial system. This strategic focus area covers implementing changes to the prudential standards, implementing new supervision practices to assess cyber resilience, and uplifting industry practice to manage cyber incidents.
    • Transforming governance, culture, remuneration, and accountability across all regulated financial institutions. In this area, focus will be on introducing baseline indicators to assess governance practices and risk culture, increasing thematic reviews of governance, measuring risk culture across industries, and implementing the revised remuneration prudential standard.

    To deliver on the strategic priorities of APRA, the Corporate Plan also identifies a number of key areas where APRA will focus on lifting its internal capabilities over the next four years:

    • Improving and broadening risk-based supervision including review of supervisory approach of APRA, implementation of new enforcement approach of APRA, improvements in analysis of external environment of APRA.
    • Improving resolution capability by developing resolution planning prudential standard for authorized-deposit taking institutions and insurers, conducting formal resolution planning, and improving recovery planning for authorized-deposit taking institutions and insurers.
    • Improving external engagement and collaboration by developing and implementing communications plan, in addition to strengthening collaboration with domestic and international peer agencies.
    • Transforming data-enabled decision-making by implementing data strategy of APRA, which includes reviewing data collected by APRA. 
    • Transforming leadership, people, and culture by defining and articulating the desired culture of APRA, implementing initiatives to support desired culture, developing leadership capability uplift plan, implementing new structure of APRA.

     

    Related Links

    Keywords: Asia Pacific, Australia, Banking, Insurance, Pensions, Superannuation, Corporate Plan, Stress Testing, Governance, Cyber Resilience, Resolution Planning, APRA

    Featured Experts
    Related Articles
    News

    APRA Announces Deferral of Capital Reform Implementation

    APRA announced that it is deferring the scheduled implementation of Basel III reforms in Australia by one year.

    March 30, 2020 WebPage Regulatory News
    News

    IFRS Publishes Statement on Its Work During the COVID-19 Crisis

    IFRS, in its statement, emphasized that it shares global concerns about the impact of COVID–19 and is supporting its stakeholders by reconsidering timelines of its meetings and publications, providing information on the application of IFRS 9 on financial instruments, and offering calendar updates on ongoing activities.

    March 27, 2020 WebPage Regulatory News
    News

    US Agencies Announce Changes to SA-CCR and CECL Rules Due to COVID-19

    In light of the recent disruptions in economic conditions due to the COVID-19 outbreak, US Agencies (FDIC, FED, and OCC) announced two actions to allow banking organizations to continue lending to households and businesses.

    March 27, 2020 WebPage Regulatory News
    News

    IAIS Adjusts Work Program to Address Impact of COVID-19 on Insurers

    Considering the impact of COVID-19 outbreak, IAIS announced initial adjustments to its work program to provide operational relief to its member supervisors, insurers, and other stakeholders.

    March 27, 2020 WebPage Regulatory News
    News

    OSFI Announces Regulatory Adjustments to Support COVID-19 Efforts

    OSFI published three targeted industry letters that announce a series of regulatory adjustments to support the financial and operational resilience of federally regulated banks, insurers, and private pension plans in the light of COVID-19.

    March 27, 2020 WebPage Regulatory News
    News

    UK Regulators Announce Measures to Address Impact of COVID-19

    UK Regulatory Authorities published statements and guidance addressed to financial entities on dealing with the impact of the coronavirus (COVID-19) outbreak.

    March 26, 2020 WebPage Regulatory News
    News

    ISDA and Industry Request Delay in Timeline for Initial Margin Rules

    Considering the challenges posed by the COVID-19 pandemic, ISDA submitted a letter on behalf of 21 industry associations and their members requesting BCBS, IOSCO, and global regulators to suspend the current timeline for the initial margin phase-in.

    March 26, 2020 WebPage Regulatory News
    News

    FCA, FRC, and PRA Issue Joint Statement to Address Impact of COVID-19

    In response to the COVID-19 outbreak, FCA, the Financial Reporting Council (FRC), and PRA have announced a series of actions and made statements to support the continued functioning of capital markets in the UK.

    March 26, 2020 WebPage Regulatory News
    News

    EC Rule Corrects Regulation Supplementing Solvency II Directive

    EC published the EU Delegated Regulation 2020/442, which corrects the EU Delegated Regulation 2015/35 that supplements Solvency II Directive (2009/138/EC).

    March 26, 2020 WebPage Regulatory News
    News

    FED and FFIEC Offer Reporting Relief to Institutions Due to COVID-19

    FED and FFIEC announced regulatory reporting relief to financial institutions due to disruptions caused by the COVID-19.

    March 26, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4900