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APRA Overview

It is important to understand the role of the regulator and the relationship with organisations across industries. Armour invest time in understanding regulator driven initiative changes and how these will effect industries, so we are well placed in appreciating the timelines and impacts on areas of business. We have developed a timeline view of the initiatives and identified the standards across industries.

APRA’s role:

  • APRA (The Australian Prudential Regulation Authority) is an independent statutory authority that supervises institutions across banking, insurance and superannuation, and is accountable to the Australian Parliament
  • Prudential Regulation is concerned with maintaining the safety and soundness of financial institutions, so that the community can have confidence that they will meet their financial commitments under all reasonable circumstances

 

Industries under APRA oversight:​​

Sub-Segments

The APRA website (apra.gov.au) provides Prudential and Reporting Standards across five regulated industries:

  1. Authorised Deposit-taking Institutions (A)
  2. General Insurance (G)
  3. Life Insurance and Friendly Societies (L)
  4. Private Health Insurance (H)
  5. Superannuation (S)

There are a further two classifications:

  1. Non-regulated Industries (R)
  2. Cross-industry (C) and (3)

Institutions within the same regulated industry are covered by the same suite of Prudential and Reporting Standards.

Within each industry classification, the relevant  Prudential and Reporting Standards are listed under common sub-segments:

  • Capital
  • Economic and Financial Statistics
  • Financial Statements
  • Governance
  • Other Requirements
  • Risk Management

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Authorised Deposit-Taking Institutions

Authorised Deposit-Taking Institutions Timeline

Superannuation

APRA_Timeline_Superannuation

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