Australia Prudential Regulation Authority (APRA) Chair, Wayne Byres, recently delivered a speech to the Committee for the Economic Development of Australia on relevant issues in the financial sector and new programs of supervisory activity that APRA is piloting.
Byres explained that the onset of COVID-19 caused APRA to pause a range of policy and supervision initiatives, to focus on the immediate, severe economic and financial impacts of the pandemic. Now that an economic recovery is well underway, Byers notes, it is important to bring those paused initiatives back to the fore.
Byres also went on to discuss challenges in governance, Culture, Remuneration and Accountability (GCRA), saying that public attention on GCRA issues had faded somewhat since the Royal Commission. This is perhaps set to change. “We remain of the view that systemic weaknesses in GCRA are often the root cause of problems that crystallise into significant, unexpected, and damaging financial losses," Byres said.
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