Financial sector companies have strongly agreed that the Australian Prudential Regulation Authority 's(
APRA) supervision and enforcement of prudential requirements was beneficial for the industry and for protecting the financial well-being of the wider community.
The finding was from the 2017 Stakeholder Survey Report, conducted by Orima Research on APRA's behalf, which polled 320 regulated entities, including life, general, and private health insurers, banks and credit unions, superannuation funds, and industry associations. The study also included feedback from “knowledgeable observers,” such as auditors and actuaries.
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The prudential regulator was also strongly endorsed by stakeholders when it comes to its consistency of its supervision with its mission; its positive impact on risk management practices and risk culture; and its effective enforcement of its prudential requirements, the study found.
On the other hand, the survey identified a need for APRA to improve its analysis of the relative costs and benefits of regulation on industry.
“Though the 2017 survey picked up some slight variations compared with two years ago, it confirmed APRA has an overwhelmingly positive and productive relationship with the entities it regulates,” APRA chairman Wayne Byres said.
Bryes said the biennial stakeholder survey is used by APRA to monitor its performance and the effectiveness of its prudential supervision activities, and for identifying industry concerns and potential areas for improvement.
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