APRA has made a number of new executive appointments, as part of its new organisational structure with separate supervisory divisions monitoring super, insurance and banking along with a new accountability unit.
The regulator has aimed to better align its organisation with the strategic objectives set out in its recently released Corporate Plan for the next four years.
APRA has indicated it will move to an industry-based supervision model, with separate supervisory segments across super, insurance and banking.
Under the new structure, each of APRA’s six operating divisions will be led by an executive director.
The following appointments have been made, effective 1 December:
• Sean Carmody, executive general manager, risk and data analytics, has been appointed as executive director, cross-industry insights and data;
• Brandon Khoo, executive general manager, diversified institutions division, has been appointed to the role of executive director, insurance;
• Therese McCarthy Hockey, executive general manager, strategy and chief risk officer, has been appointed as executive director, banking;
• Suzanne Smith, executive general manager, specialised institutions, has been appointed as executive director, superannuation; and
• Steve Matthews, executive general manager, corporate services division, has been appointed chief operating officer and executive director, enterprise services.
Heidi Richards, general manager, policy development, will act in the role of executive director, policy and advice pending a permanent appointment to the position.
Following the recommendations of the Capability Review, APRA signalled it will also strengthen its focus and resourcing allocated to supervising governance, culture, remuneration and accountability, 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 the industries APRA regulates.
APRA chair Wayne Byres said the updates will assist the body 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 to 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.
APRA said further appointments to the new accountability unit will be made public in due course.
The organisational changes will formally take effect from 1 December.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].