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APRA releases learnings from Data Risk Management pilot study
Client Alert APRA releases learnings from Data Risk Management pilot study
In a complex operating environment, the Australian Prudential Regulation Authority (APRA) is encouraging regulated entities to prioritise quality data as a valuable asset. APRA's growing emphasis on data risk management, evident in regulatory guidance such as CPG 235, CPS 234, and CPS 230, underscores the vital role of quality data for entities under its regulation. Despite progress revealed in APRA's 100 Critical Risk Data Elements Pilot study, a significant gap persists between current and optimal data risk management practices, with potential consequences including reputational damage and financial loss.
Daniel Farthing
Tari Makanda
Claire Scott
| 4 min read | 08 Dec 2023
APRA set credit risk provisioning expectations for ADIs
Client Alert APRA set credit risk provisioning expectations for ADIs
Today, APRA shared a letter outlining their expectations regarding credit risk provisioning for ADIs. Its focus includes robust model risk management, ongoing sensitivity analysis to navigate economic fluctuations, and the development of systematic procedures for identifying and addressing sector-specific risks – particularly in the context of AASB 9 Financial Instruments.
Claire Scott
Liam Te-Wierik
| 3 min read | 19 Oct 2023
Unpacking the FAR Bill 2023: a roadmap for financial entities
Client Alert Unpacking the FAR Bill 2023: a roadmap for financial entities
The Financial Accountability Regime (FAR) Bill 2023 marks a pivotal transformation in financial sector oversight, affecting all APRA regulated financial entities in the banking, insurance and superannuation industries as well as their significant related entities. Jointly administered by ASIC and APRA, the FAR will replace the Banking Executive Accountability Regime (BEAR), aiming to improve risk and governance cultures by imposing a strengthened responsibility and accountability framework for those financial institutions.
Tari Makanda
Claire Scott
George Sutton
| 5 min read | 21 Sep 2023
Findings from APRA CPS 511 pre-implementation review
Client Alert Findings from APRA CPS 511 pre-implementation review
APRA has released Findings from its CPS 511 pre-implementation review which covered a total of 39 entities, the majority of which were Significant Financial Institutions (SFIs).
Claire Scott
Claire Scott
| 4 min read | 11 Sep 2023
APRA releases Corporate Plan 2023-24
Client Alert APRA releases Corporate Plan 2023-24
APRA has released its Corporate Plan 2023-24 with a focus on resilience following the global banking upheaval earlier this year with the collapse of SVB and Credit Suisse takeover.
Claire Scott
Claire Scott
| 4 min read | 08 Sep 2023
CPS 511 brings changes to remuneration disclosure obligations for APRA-regulated entities
Client alert CPS 511 brings changes to remuneration disclosure obligations for APRA-regulated entities
This week, the Australian Prudential Regulation Authority (APRA) finalised new requirements to Prudential Standard CPS 511 Remuneration, which will significantly impact authorised deposit-taking institutions (ADIs), insurers, and superannuation entities. This new standard requires APRA-regulated entities to publish details around their remuneration frameworks, design, governance, and outcomes. These changes come in an effort to create more transparency and improve risk management, in particular in the context of the poorly designed and executed remuneration frameworks exposed through the financial services Royal Commission.
Jane Stanton
Claire Scott
Tari Makanda
George Sutton
| 4 min read | 04 Aug 2023
Consultation on FAR brings responsibilities for APRA-regulated entities
Client Alert Consultation on FAR brings responsibilities for APRA-regulated entities
APRA-regulated businesses operating in the banking, insurance, and superannuation industries will soon be faced with significant regulatory changes. APRA and the ASIC have commenced early consultation around the introduction of the Financial Accountability Regime, which aims to establish a strong accountability framework to enhance risk management and governance practices in the financial sector.
Claire Scott
Tari Makanda
| 4 min read | 24 Jul 2023
8 End of Financial Year considerations for ADIs
Insight 8 End of Financial Year considerations for ADIs
Authorised deposit-taking institutions (ADIs) and the broader banking sector have recently faced significant headwinds, as the sector navigates unprecedented change. How can you best navigate current challenges and leverage opportunities to find efficiencies as you step into the new financial year? Here, we outline eight key considerations you should address to ensure your business is set up for FY24.
Claire Scott
Claire Scott
| 5 min read | 05 Jun 2023
APRA's aim to improve governance in the mutual sector
Client Alert APRA's aim to improve governance in the mutual sector
Last week, APRA Deputy Chair John Lonsdale delivered a speech at the COBA CEO and Director Forum. Reflecting on the history of the mutual banking sector, Lonsdale highlighted APRA’s recent review of mutuals exiting the industry and their performance 12 months prior to their exit. It brought to the fore several issues that could lead to potential future mutual exits, such as poor performance on cost management, lending growth and profitability. APRA highlighted three core priorities to “support a strong, stable mutual sector”, being: • Cyber risk, including CPS 234 reviews • Risk culture • Contingency and continuity frameworks
Claire Scott
Tari Makanda
| 3 min read | 06 Apr 2022
Data recovery: APRA feedback on Cyber Resilience and CPS 234
Client Alert Data recovery: APRA feedback on Cyber Resilience and CPS 234
APRA’s feedback focuses on ensuring recovery from high-impact cyber-attacks. Boards are encouraged to seek assurance on the entity’s likely ability to recover from a high-impact cyber-attack.
Matthew Green
Daniel Farthing
Claire Scott
| 3 min read | 07 Dec 2021
Board assurance: APRA feedback on Cyber Resilience and CPS 234
Client Alert Board assurance: APRA feedback on Cyber Resilience and CPS 234
On Tuesday 23 November 2021, APRA released commentary following the conclusion of its pilot initiatives – the tri-partite audit and technology resilience data collection.
Matthew Green
Daniel Farthing
Claire Scott
| 3 min read | 25 Nov 2021
APRA proposes amendments to APS 220 Credit Risk Management
Client Alert APRA proposes amendments to APS 220 Credit Risk Management
On Thursday 11 November 2021, APRA announced its proposed new attachment to Prudential Standard APS 220 Credit Risk Management.
Claire Scott
Tari Makanda
| 4 min read | 18 Nov 2021
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