Within its latest Information Paper, APRA finds that embedding effective frameworks and controls to identify, manage and mitigate non-financial risks is a challenge for all institutions regardless of size, complexity or industry.
It also sends a clear message that boards and management are ultimately responsible for addressing weaknesses in their institution, and that the regulator will be holding them to account.
Over the next 12 months, APRA will strengthen prudential expectations and increase supervisory intensity for governance, accountability, and culture for all regulated institutions.
Following the Final Report of the Prudential Inquiry into the Commonwealth Bank of Australia, APRA wrote to the boards of 36 authorised deposit-taking institutions (ADIs), insurers and superannuation licensees asking them to conduct a self-assessment against the findings and provide that assessment to APRA.
This article explores the key findings and looks at APRA’s next steps to strengthen prudential expectations and intensify supervision of governance, accountability, and culture.
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RSM’s Self Assessment Information paper explores the key findings and looks at APRA’s next steps to strengthen prudential expectations and intensify supervision of governance, accountability and culture.
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HOW RSM CAN ASSIST
If you are interested in finding out more please get in touch with your local RSM Risk Advisory representative who has experience in independently replicating the Prudential Inquiry approach, incorporating case studies, board and senior leadership interviews, and staff surveys.