APRA announces internal reorganisation to better support strategic priorities

Written by Adam Cadle

29/08/2024

The Australian Prudential Regulation Authority (APRA) is to have its five industry supervision groups managed in two supervision divisions as part of a number of changes to its internal structure.

From 2 September, the two frontline supervision divisions will be a general insurance and banking division; and a life insurance, private health insurance and superannuation division.

In addition, APRA will bring together its existing financial and non-financial risk teams in a cross-industry risk division, alongside teams focused on systemic risk work.

APRA chair, John Lonsdale, said the changes would streamline and simplify APRA’s decision-making processes at a time of heightened financial risk globally.

“Over recent years, APRA’s size and responsibilities have increased as the financial system has grown in scale and complexity. The interconnected nature of our digital environment means shocks travel across countries and industries much faster, and we need to ensure APRA is set up to react swiftly and effectively to key issues and crises.

“The changes we are announcing today respond to this evolution by consolidating related areas of expertise – particularly for our risk teams – which enables greater knowledge transfer and capability development.

“APRA will continue to evolve as a modern and future-focused regulator that retains its best-practice standing amongst global peers and continues to deliver on its core mandate of ensuring the safety and stability of Australian financial system.”

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