APRA Information Paper: Self-assessments of governance, accountability and culture

by Samantha Carroll FGIA Director Governance, Compliance & Regulation, Ash St.
  • This article sets out key themes which have emerged from the recent APRA Information Paper ‘Self-assessments of governance, accountability and culture’.
  • Potential areas of concern for institutions have been highlighted to help them understand the importance of culture and how they manage non-financial risk.
  • The risk of failing to adequately identify the true root cause of the weaknesses is specifically called out by APRA.

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APRA has released an Information Paper on the findings arising from self-assessments of governance, accountability and culture dated 22 May 2019.

The request for self-assessments followed the release of the Final Report of the Prudential Inquiry into Commonwealth Bank of Australia (CBA). Thirty-six authorised deposit-taking institutions, insurers and superannuation licensees were asked to conduct an independent assessment to consider whether similar issues might exist in their own organisations.

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