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

  • 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.

Blank Mirror

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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