Late last year, the Australian Prudential Regulation Authority (APRA) rolled out a risk culture survey to 18 regulated institutions after a successful risk culture survey pilot in early 2021. The survey asked employees to share their views on their organization’s risk management practices, enabling APRA to better assess the perceived effectiveness of risk management practices within participating entities and across industries.
For most organizations, there was a clear link between the risk culture survey results and APRA’s supervisory findings in that organization. For example, areas in which organizations did not score well on the survey were often areas APRA had already identified as needing improvement in its ongoing supervision activities.
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