The Australian Prudential Regulation Authority (APRA) has released the findings of its 2019 Stakeholder Survey which reveal industry and community attitudes to its impact on risk management and culture in the banking, insurance and superannuation industries.
The biennial survey of regulated entities, as well as ‘knowledgeable observers’ such as auditors, actuaries, and industry associations, gathered responses from 280 regulated entities and 70 knowledgeable observers.
It is the sixth such survey undertaken since 2011.
Releasing its findings APRA said the survey found more than 90 per cent of regulated entities believed APRA’s supervision helped to protect both their industry and the Australian community.
It said other findings included 86 per cent of respondents believing APRA’s increased focus on risk culture has had a positive impact on their entity, and 81 per cent who believed APRA was effective in identifying risks across their industry.
Chair of APRA, Wayne Byres (pictured) said that in the wake of both the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and the more recent Capability Review, APRA was taking stock of how it could bring into effect a significant number of recommendations about how to do more in new areas of risk.
Mr Byres said this had to be done without compromising APRA’s primary focus on financial safety and stability.
“The biennial stakeholder surveys are an important tool that helps us monitor our performance and the effectiveness of our supervision activities, including by identifying areas where we can improve,” Mr Byres said.
“Regularly publishing the survey results also underlines our commitment to transparency and accountability.”
APRA’s 63-page report on its Stakeholder Survey can be accessed at this PS News link.