The prudential regulator said the changes to the way it will be organised are designed to better align APRA’s organisational structure with the strategic objectives set out in its recently released corporate plan for 2019-23.
APRA chair Wayne Byres said the changes will assist APRA to maintain its focus on protecting the financial wellbeing of the Australian community, while sharpening focus and lifting capabilities in supervising newer and emerging risks.
“These organisational changes are designed to help us deliver on our strategy and in particular on the four key community outcomes we have identified as critical for APRA to deliver for the Australian community: financial system resilience, superannuation member outcomes, enhanced GCRA across the regulated sector, and cyber resilience,” Mr Byres said.
As previously foreshadowed, APRA will move to an industry-based supervision model, with separate supervisory divisions responsible for superannuation, insurance and banking. Under the new structure, each of APRA’s six operating divisions will be led by an executive director, with the following appointments made:
Sean Carmody has been appointed as executive director, cross-industry insights and data;
Brandon Khoo has been appointed to the role of executive director, insurance;
Therese McCarthy Hockey has been appointed as executive director, banking;
Suzanne Smith has been appointed as executive director, superannuation; and
Steve Matthews has been appointed chief operating officer and executive director, enterprise services.
Heidi Richards will act in the role of executive director, policy and advice pending a permanent appointment to that role.
Following the recommendations of the capability review, APRA will also strengthen and intensify its focus and resourcing allocated to the supervision of governance, culture, remuneration and accountability (GCRA), as well as technology-related risks and operational resilience.
In addition, a new accountability regime unit is also being established, dedicated to delivering on the government’s planned extension of the Banking Executive Accountability Regime across all the industries APRA regulates.
The new appointments and organisational changes will formally take effect from 1 December.
