APRA today released the findings of its biennial survey of regulated entities, as well as “Knowledgeable Observers”, such as auditors, actuaries, and industry associations. Orima Research conducted the survey, which received responses from 280 regulated entities and 70 Knowledgeable Observers. This is the sixth such survey undertaken since 2011.
The survey found more than 90 per cent of regulated entities believe APRA’s supervision helps to protect both their industry and the Australian community, a finding consistent with previous stakeholder surveys. A similar proportion of entities reported that APRA’s supervision has had a positive impact on their risk management practices.
Other key findings included:
- 86 per cent believe APRA’s increased focus on risk culture has had a positive impact on their entity;
- 81 per cent believe APRA is effective in identifying risks across their industry;
- 86 per cent believe APRA’s supervision enhances the financial and operational strength of their entity; and
- 92 per cent agree that APRA’s public communications are clear and effective.
APRA Chair Wayne Byres said: “In the wake of both the Royal Commission and the more recent Capability Review, APRA is taking stock of how it can bring into effect a significant number of recommendations about how we must do more in new areas of risk, 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. Regularly publishing the survey results also underlines our commitment to transparency and accountability,” Mr Byres said.
The full 2019 Stakeholder Survey results can be found on the APRA website at .
