The governance structure comprises a full-time Executive Group of at least three and no more than five members
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The Executive Group is responsible and accountable for the operation and performance of APRA.
In performing and exercising its functions and powers, APRA is required to balance the objectives of financial safety and efficiency, competition, contestability and competitive neutrality.
APRA’s responsibilities include the development of regulatory and supervisory policies relating to the performance of its role as prudential regulator, including the making of prudential standards under relevant legislation.
The Executive Group meets formally on a monthly basis, and more frequently as required, to discuss and resolve the major policy, supervisory and strategic issues facing APRA at the time. It also holds management group meetings with APRA’s senior management at least weekly for high-level information sharing and decisions on more routine supervisory and organisational matters.
The role of the Audit Committee is to provide independent assessment to the APRA Chair on APRA's financial and performance reporting responsibilities, systems of internal control and compliance with applicable laws and regulations.
The Audit Committee comprises of an external chair (with casting vote), one external member and an APRA Member. The Chair is always an external member.
In addition, regular attendees at the meetings are two Executive General Managers, one of whom oversees Finance, the Secretary, the Chief Internal Auditor and a representative of the Australian National Audit Office (ANAO). The Chairman of APRA may attend by invitation.
The role of the Risk Management Committee is to assist the APRA Chair in considering risk management issues affecting APRA and to help raise awareness of risk management issues that could impact APRA and fulfilmentof its mission.
The RM&QA unit is independent of APRA's Management structure and reports to the APRA Members and the RMC every quarter. The GM - RM&QA has a direct reporting line to the Chair of the RMC while maintaining a day-to-day reporting line with an APRA Member.
The RMC comprises of an external chair (with casting vote), one external member and an APRA Member. The Chair is always an external member.