APRA shakes up organisational structure

APRA shakes up organisational structure | Insurance Business

APRA shakes up organisational structure

The Australian Prudential Regulation Authority (APRA) has revamped its organisational structure as it moves to an industry-based supervision model, which will formally take effect in December.

Under the new structure, each of APRA’s six operating divisions will be led by an executive director. Sean Carmody will become executive director of cross-industry insights and data, Brandon Khoo will take up the role of executive director of insurance, Therese McCarthy Hockey was named executive director of banking, Suzanne Smith was appointed as executive director of superannuation, and Steve Matthews will step into the role of chief operating officer and executive director of enterprise services. Heidi Richards will act in the role of executive director of policy and advice pending a permanent appointment to that role.

“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,” APRA Chair Wayne Byres said.

The prudential regulator said it will also strengthen and intensify its focus and resourcing allocated to the supervision of governance, culture, remuneration, and accountability (GCRA), as well as technology-related risks and operational resilience. 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 all the industries APRA regulates.

Further appointments to the new structure will be announced in due course.