The 2019 Stakeholder Survey from the Australian Prudential Regulation Authority (APRA) is claiming the regulator’s supervisory approaches are having a positive impact on risk management and culture in the banking, insurance and superannuation industry, despite a downward trend.
The survey found over 90 per cent of regulated entities believed APRA’s supervision helped to protect the industry and the Australian community.
However, the survey had picked up a slight downward trend in overall perceptions of APRA, compared to their 2017 survey.
This included concerns about the cost of regulatory compliance, that APRA collected too much statistical data, and had indicated entities were placing less importance on the harmonisation of the prudential framework across regulated industries.
The findings of the biennial survey are from regulated entities as well as “knowledgeable observers” which included auditors, actuaries and industry associations.
Wayne Byres, APRA chair, 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.”