{ "entity_id": "O-000931", "folder": "Australian-Prudential-Regulation-Authority", "name": "Australian Prudential Regulation Authority", "type": "Non-corporate Commonwealth Entity", "jurisdiction": "Commonwealth", "portfolio": "Treasury", "website": "http://www.apra.gov.au", "data_status": "partial", "completeness": { "has_strategy_brief": true, "has_strategy_structured": true, "has_vision": false, "has_kpi_targets": true, "has_kpi_results": true, "has_strategy_overview": true, "has_legislation_text": true, "has_legislation_structured": false, "has_global_initiatives_text": true, "has_ideas": true, "has_artifacts": true, "n_ideas": 12, "n_legislation": 0, "n_artifacts": 15, "n_kpi_targets": 3, "n_kpi_results": 3, "n_outcomes": 6, "verified_own_data": true }, "strategy_profile": { "status": "needs_review", "confidence": "medium", "summary": "Regulators demonstrate an understanding of the operating environment of the industry or organisation, or the circumstances of individuals and the current and emerging issues that affect the sector. Regulators take actions to minimise the potential for unintended negative impacts of regulatory activities on regulated entities or affected supplier industries and supply chains. Regulators implement continuous improvement strategies to reduce the costs of compliance for those they regulate.", "official_site_url": "http://www.apra.gov.au", "source_documents": [ { "type": "strategie", "title": "here", "url": "https://www.apra.gov.au/sites/default/files/2023-03/Letter to RSE Licensees Response to Superannuation Data Transformation minor amendments consultation_0.pdf", "period": "2023", "confidence": "medium" }, { "type": "strategie", "title": "RIS: Superannuation Data Transformation (SDT) phase 1 PDF 1.21 MB", "url": "https://www.apra.gov.au/sites/default/files/2021-09/RIS_Superannuation%20Data%20Transformation%20%28SDT%29%20phase%201%20.pdf", "period": "2021", "confidence": "medium" }, { "type": "strategie", "title": "RIS Revisions to the prudential framework for Large Exposures PDF 513.94 KB", "url": "https://www.apra.gov.au/sites/default/files/Regulation%2520Impact%2520Analysis%2520of%2520Revisions%2520to%2520the%2520Large%2520Exposures%2520Framework.pdf", "period": null, "confidence": "medium" }, { "type": "strategie", "title": "RIS: Revisions to the prudential framework for securitisation PDF 83.93 KB", "url": "https://www.apra.gov.au/sites/default/files/Securitisation-RIS_0.pdf", "period": null, "confidence": "medium" }, { "type": "strategie", "title": "APRA Regulator Performance Framework Self-assessment 2019-20 PDF 645.44 KB", "url": "https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf", "period": "2019-20", "confidence": "medium" }, { "type": "strategie", "title": "APRA Regulator Performance Framework Self-assessment 2017/18 PDF 656.12 KB", "url": "https://www.apra.gov.au/sites/default/files/apra_regulator_performance_framework_self-assessment_2017-18.pdf", "period": "2017-18", "confidence": "medium" }, { "type": "strategie", "title": "APRA Regulator Performance Framework Self-assessment 2016/17 PDF 693.32 KB", "url": "https://www.apra.gov.au/sites/default/files/RPF-self-assessment-report-2016_17.pdf", "period": "2016-17", "confidence": "medium" }, { "type": "strategie", "title": "APRA Regulator Performance Framework Self-assessment 2015/16 PDF 522.02 KB", "url": "https://www.apra.gov.au/sites/default/files/final20rpf20self-assessment200021.pdf", "period": "2015-16", "confidence": "medium" }, { "type": "annual_report", "title": "Annual Report", "url": "https://www.apra.gov.au/sites/default/files/2025-10/APRA%20Annual%20Report%202024-25.pdf", "period": "2025", "confidence": "high" } ], "purpose": null, "vision": null, "strategic_priorities": [], "values": [ { "name": "openness", "description": "", "source_url": "https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf", "source_page": null }, { "name": "transparency", "description": "", "source_url": "https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf", "source_page": null }, { "name": "collaboration", "description": "", "source_url": "https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf", "source_page": null }, { "name": "continuous improvement", "description": "", "source_url": "https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf", "source_page": null } ], "outcomes": [ { "name": "Outcome 1: Regulators do not unnecessarily impede the efficient operation of regulated entities", "description": "Regulators demonstrate an understanding of the operating environment of the industry or organisation, or the circumstances of individuals and the current and emerging issues that affect the sector. Regulators take actions to minimise the potential for unintended negative impacts of regulatory activities on regulated entities or affected supplier industries and supply chains. Regulators implement continuous improvement strategies to reduce the costs of compliance for those they regulate.", "activities": [ "APRA publications address current and emerging issues or developments in the financial sector.", "APRA releases updated prudential standards, prudential practice guides and reporting standards.", "APRA received applications for regulatory relief from financial institutions related to COVID-19." ], "source_url": "https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf", "source_page": 12, "source_deep_url": "https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf#page=12" }, { "name": "Outcome 2: Communication with regulated entities is clear, targeted and effective", "description": "Regulators provide guidance and information that is up to date, clear, accessible and concise through media appropriate to the target audience. Regulators consider the impact on regulated entities and engage with industry groups and representatives of the affected stakeholders before changing policies, practices or service standards. Regulators’ decisions and advice are provided in a timely manner, clearly articulating expectations and the underlying reasons for decisions. Regulators’ advice is consistent and supports predictable outcomes.", "activities": [ "APRA published media releases and information papers on key prudential activities and decisions.", "APRA engaged with stakeholders before changing regulatory policies, practices or service standards.", "APRA’s website includes a comprehensive suite of prudential standards and guidance." ], "source_url": "https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf", "source_page": 15, "source_deep_url": "https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf#page=15" }, { "name": "Outcome 3: Actions undertaken by regulators are proportionate to the regulatory risk being managed", "description": "Regulators apply a risk-based, proportionate approach to compliance obligations, engagement and regulatory enforcement actions. Regulators’ preferred approach to regulatory risk is regularly reassessed. Strategies, activities and enforcement actions are amended to reflect changing priorities that result from new and evolving regulatory threats, without diminishing regulatory certainty or impact. Regulators recognise the compliance record of regulated entities, including using earned autonomy where this is appropriate. All available and relevant data on compliance, including evidence of relevant external verification is considered.", "activities": [ "APRA took a risk-based approach to identifying and assessing areas of greatest risk to regulated entities in meeting their obligations to beneficiaries; and to financial stability in Australia.", "APRA’s supervisory approach was refreshed.", "APRA published updated plans on its supervision and policy priorities for the year ahead." ], "source_url": "https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf", "source_page": 19, "source_deep_url": "https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf#page=19" }, { "name": "Outcome 4: Compliance and monitoring approaches are streamlined and coordinated", "description": "Regulators’ information requests are tailored and only made when necessary to secure regulatory objectives, and only then in a way that minimises impact. Regulators’ frequency of information collection is minimised and coordinated with similar processes including those of other regulators so that, as far as possible, information is only requested once. Regulators utilise existing information to limit the reliance on requests from regulated entities and share the information among other regulators, where possible. Regulators base monitoring and inspection approaches on risk and, where possible, take into account the circumstance and operational needs of the regulated entity.", "activities": [ "APRA strengthened working relationships and coordination with other regulatory agencies.", "APRA developed a data strategy to facilitate greater and more effective use and sharing of data in the oversight of the Australian financial system.", "APRA implemented a new enterprise data warehouse that holds collected data across all regulated industries." ], "source_url": "https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf", "source_page": 22, "source_deep_url": "https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf#page=22" }, { "name": "Outcome 5: Regulators are open and transparent in their dealing with regulated entities", "description": "Regulators’ risk-based frameworks are publicly available in a format which is clear, understandable and accessible. Regulators are open and responsive to requests from regulated entities regarding the operation of the regulatory framework, and approaches implemented by regulators. Regulators’ performance measurement results are published in a timely manner to ensure accountability to the public.", "activities": [ "APRA published its supervisory and enforcement approaches on its external website.", "APRA engaged with stakeholders.", "APRA responded to enquiries from regulated entities." ], "source_url": "https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf", "source_page": 25, "source_deep_url": "https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf#page=25" }, { "name": "Outcome 6: Regulators actively contribute to the continuous improvement of regulatory frameworks", "description": "Regulators establish cooperative and collaborative relationships with stakeholders to promote trust and improve the efficiency and effectiveness of the regulatory framework. Regulators engage stakeholders in the development of options to reduce compliance costs. This could include industry self-regulation, changes to the overarching regulatory framework, or other strategies to streamline monitoring and compliance approaches. Regulators regularly share feedback from stakeholders and performance information (including from inspections) with policy departments to improve the operation of the regulatory framework and administrative processes.", "activities": [ "APRA engaged with domestic and international peer agencies.", "APRA broadened its stakeholder engagement mechanisms by instituting new approaches to policy consultations such as webinars and workshops with industry representatives.", "APRA maintained its commitment to receiving regular feedback from key stakeholders to inform improvements to regulatory frameworks and practices." ], "source_url": "https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf", "source_page": 28, "source_deep_url": "https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf#page=28" } ], "performance_measures": [ { "code": "CCE01", "measure": "Compliance and monitoring approaches are streamlined and coordinated", "target": "Stability or improvement", "latest_result": "Target met", "status": "Achieved", "target_source_url": "https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf", "target_source_page": 34, "result_source_url": "https://www.apra.gov.au/sites/default/files/2025-10/APRA%20Annual%20Report%202024-25.pdf", "result_source_page": 34 }, { "code": "CCE02", "measure": "Regulators are open and transparent in their dealing with regulated entities", "target": "Stability or improvement", "latest_result": "Target met", "status": "Achieved", "target_source_url": "https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf", "target_source_page": 34, "result_source_url": "https://www.apra.gov.au/sites/default/files/2025-10/APRA%20Annual%20Report%202024-25.pdf", "result_source_page": 34 }, { "code": "CCE03", "measure": "Regulators actively contribute to the continuous improvement of regulatory frameworks", "target": "Stability or improvement", "latest_result": "Target met", "status": "Achieved", "target_source_url": "https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf", "target_source_page": 34, "result_source_url": "https://www.apra.gov.au/sites/default/files/2025-10/APRA%20Annual%20Report%202024-25.pdf", "result_source_page": 34 } ], "document_alignment_terms": { "must_support": [], "watch_terms": [ "Compliance and monitoring approaches are streamlined and coordinated", "Regulators are open and transparent in their dealing with regulated entities", "Regulators actively contribute to the continuous improvement of regulatory frameworks" ], "avoid_claiming_without_evidence": [] }, "review_note": "Structured strategy exists but is incomplete." }, "strategy_brief_md": "# Australian Prudential Regulation Authority — Strategy Brief\n\n**Reporting period**: 2019-20\n**Corporate plan in force**: 2020-24\n**Corporate Plan**: [2020-24](https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf)\n\n## Outcomes\n\n### Outcome 1: Regulators do not unnecessarily impede the efficient operation of regulated entities\nRegulators demonstrate an understanding of the operating environment of the industry or organisation, or the circumstances of individuals and the current and emerging issues that affect the sector. Regulators take actions to minimise the potential for unintended negative impacts of regulatory activities on regulated entities or affected supplier industries and supply chains. Regulators implement continuous improvement strategies to reduce the costs of compliance for those they regulate. [[CP p.12](https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf#page=12)]\n\n**Key activities:**\n- APRA publications address current and emerging issues or developments in the financial sector.\n- APRA releases updated prudential standards, prudential practice guides and reporting standards.\n- APRA received applications for regulatory relief from financial institutions related to COVID-19.\n\n### Outcome 2: Communication with regulated entities is clear, targeted and effective\nRegulators provide guidance and information that is up to date, clear, accessible and concise through media appropriate to the target audience. Regulators consider the impact on regulated entities and engage with industry groups and representatives of the affected stakeholders before changing policies, practices or service standards. Regulators’ decisions and advice are provided in a timely manner, clearly articulating expectations and the underlying reasons for decisions. Regulators’ advice is consistent and supports predictable outcomes. [[CP p.15](https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf#page=15)]\n\n**Key activities:**\n- APRA published media releases and information papers on key prudential activities and decisions.\n- APRA engaged with stakeholders before changing regulatory policies, practices or service standards.\n- APRA’s website includes a comprehensive suite of prudential standards and guidance.\n\n### Outcome 3: Actions undertaken by regulators are proportionate to the regulatory risk being managed\nRegulators apply a risk-based, proportionate approach to compliance obligations, engagement and regulatory enforcement actions. Regulators’ preferred approach to regulatory risk is regularly reassessed. Strategies, activities and enforcement actions are amended to reflect changing priorities that result from new and evolving regulatory threats, without diminishing regulatory certainty or impact. Regulators recognise the compliance record of regulated entities, including using earned autonomy where this is appropriate. All available and relevant data on compliance, including evidence of relevant external verification is considered. [[CP p.19](https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf#page=19)]\n\n**Key activities:**\n- APRA took a risk-based approach to identifying and assessing areas of greatest risk to regulated entities in meeting their obligations to beneficiaries; and to financial stability in Australia.\n- APRA’s supervisory approach was refreshed.\n- APRA published updated plans on its supervision and policy priorities for the year ahead.\n\n### Outcome 4: Compliance and monitoring approaches are streamlined and coordinated\nRegulators’ information requests are tailored and only made when necessary to secure regulatory objectives, and only then in a way that minimises impact. Regulators’ frequency of information collection is minimised and coordinated with similar processes including those of other regulators so that, as far as possible, information is only requested once. Regulators utilise existing information to limit the reliance on requests from regulated entities and share the information among other regulators, where possible. Regulators base monitoring and inspection approaches on risk and, where possible, take into account the circumstance and operational needs of the regulated entity. [[CP p.22](https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf#page=22)]\n\n**Key activities:**\n- APRA strengthened working relationships and coordination with other regulatory agencies.\n- APRA developed a data strategy to facilitate greater and more effective use and sharing of data in the oversight of the Australian financial system.\n- APRA implemented a new enterprise data warehouse that holds collected data across all regulated industries.\n\n### Outcome 5: Regulators are open and transparent in their dealing with regulated entities\nRegulators’ risk-based frameworks are publicly available in a format which is clear, understandable and accessible. Regulators are open and responsive to requests from regulated entities regarding the operation of the regulatory framework, and approaches implemented by regulators. Regulators’ performance measurement results are published in a timely manner to ensure accountability to the public. [[CP p.25](https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf#page=25)]\n\n**Key activities:**\n- APRA published its supervisory and enforcement approaches on its external website.\n- APRA engaged with stakeholders.\n- APRA responded to enquiries from regulated entities.\n\n### Outcome 6: Regulators actively contribute to the continuous improvement of regulatory frameworks\nRegulators establish cooperative and collaborative relationships with stakeholders to promote trust and improve the efficiency and effectiveness of the regulatory framework. Regulators engage stakeholders in the development of options to reduce compliance costs. This could include industry self-regulation, changes to the overarching regulatory framework, or other strategies to streamline monitoring and compliance approaches. Regulators regularly share feedback from stakeholders and performance information (including from inspections) with policy departments to improve the operation of the regulatory framework and administrative processes. [[CP p.28](https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf#page=28)]\n\n**Key activities:**\n- APRA engaged with domestic and international peer agencies.\n- APRA broadened its stakeholder engagement mechanisms by instituting new approaches to policy consultations such as webinars and workshops with industry representatives.\n- APRA maintained its commitment to receiving regular feedback from key stakeholders to inform improvements to regulatory frameworks and practices.\n\n## Values and principles\n\n- openness\n- transparency\n- collaboration\n- continuous improvement\n\n## What they will measure themselves on this year (targets from 2020-24 corporate plan)\n\n| Code | Measure | Target | Source |\n|---|---|---|---|\n| CCE01 | Compliance and monitoring approaches are streamlined and coordinated | Stability or improvement | [CP p.34](https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf#page=34) |\n| CCE02 | Regulators are open and transparent in their dealing with regulated entities | Stability or improvement | [CP p.34](https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf#page=34) |\n| CCE03 | Regulators actively contribute to the continuous improvement of regulatory frameworks | Stability or improvement | [CP p.34](https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf#page=34) |\n\n## How they performed last year (results from 2019-20 annual report)\n\n| Code | Measure | Result | Status | Source |\n|---|---|---|---|---|\n| CCE01 | Compliance and monitoring approaches are streamlined and coordinated | Target met | Achieved | AR p.34 |\n| CCE02 | Regulators are open and transparent in their dealing with regulated entities | Target met | Achieved | AR p.34 |\n| CCE03 | Regulators actively contribute to the continuous improvement of regulatory frameworks | Target met | Achieved | AR p.34 |", "strategy_overview_evidence_md": null, "internal_strategy_evidence_md": "# Australian Prudential Regulation Authority - Strategy, Performance, and Operating Profile\n\n**Generated at**: 2026-05-09T21:50:11.998902+00:00\n**Entity ID**: O-000931\n**Entity type**: Non-corporate Commonwealth Entity\n**Jurisdiction**: Commonwealth\n**Portfolio**: Treasury\n**Website**: http://www.apra.gov.au\n\n> Draft generated from scraped source material. Treat this as an evidence pack for editorial review, not a final judgement.\n\n## Source Coverage\n\n| Source type | Count |\n|---|---:|\n| global-intelligence | 4 |\n| other-pdfs | 5 |\n| pages | 42 |\n| reviews | 1 |\n| strategies | 8 |\n\n## Executive Readout\n\n### Purpose\n\n- Questions 1 and 2 — Assessing the problem and objectives of\ngovernment action\nIn its April 2017 discussion paper, Revisions to Large Exposures,2 APRA outlined\nthe problem in relation to APRA’s large exposure requirements for authorised\ndeposit-taking institutions (ADIs), as set out in Prudential Standard APS 221 Large\nExposures (APS 221).These requirements are an important part of the prudential\nframework and complement other risk management requirements, including risk-\nbased capital requirements.\n Source: `strategies/Regulation-2520Impact-2520Analysis-2520of-2520Revisions-2520to-2520the-2520Large.pdf (https://www.apra.gov.au/sites/default/files/Regulation%2520Impact%2520Analysis%2520of%2520Revisions%2520to%2520the%2520Large%2520Exposures%2520Framework.pdf)`\n- [pages 30,31,32,33]\nreporting standard Details on the gaps are outlined in the topic paper: SRS 332.0 Expenses\n(some overlap with: • There is no meaningful and consistent classification of what • Introduces classifications to capture the purpose\nSRS 330.0 Statement of members money is being spent on.\n Source: `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pdf (https://www.apra.gov.au/sites/default/files/2021-09/RIS_Superannuation%20Data%20Transformation%20%28SDT%29%20phase%201%20.pdf)`\n- Stakeholder feedback\n2019\nbiennial stakeholder survey\nasked stakeholders to rate their level of agreement with the following statements:\nAPRA's prudential framework is effective in achieving APRA’s mission:\nStrongly Agree/Agree: 84% (87% in 2017)\nNeutral: 13% (12% in 2017)\nDisagree/Strongly disagree: 2% (1% in 2017)\nDon’t know: 1% (<1% in 2017)\nAPRA's supervision of your entity is consistent with APRA’s mission:\nStrongly Agree/Agree: 86% (87% in 2017)\nNeutral:  9% (8% in 2017)\nDisagree/Strongly disagree: 2% (1% in 2017)\nDon’t know: 4% (3% in 2017)\nDuring prudential reviews of your entity, APRA appropriately assesses the importance of issues that are subject to APRA requirements, recommendations or suggestions:\nStrongly Agree/Agree: 84% (82% in 2017)\nNeutral: 11% (16% in 2017)\nDisagree/Strongly disagree 2% (1% in 2017)\nDon’t know: 3% (2% in 2017)\n Source: `pages/strategies-index__09.html (http://www.apra.gov.au/regulator-performance-framework-self-assessment-2018-19)`\n- Planned action(s) In 2018/19, APRA planned to take the following actions to address\nopportunities for improvement identified in relation to KPI 1:\n1.1 Improve external engagement by expanding communications to promote\nbetter prudential outcomes and drive accountability, including\ndemonstrating how APRA balances its objectives.\n Source: `strategies/APRA-20Regulator-20Performance-20Framework-20Self-assessment-202019-20.pdf (https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf)`\n\n### Role and Functions\n\n- If the strategy of the portfolio or vehicle is to invest:\nmore than 80% in listed and liquid unlisted assets, report the investment in SRF 553.0 Table 2; or\nat least 20% in unlisted assets, report the investment in SRF 553.1 Table 2.\n Source: `pages/strategies-index__05.html (http://www.apra.gov.au/frequently-asked-questions-superannuation-data-transformation)`\n- endstream\nendobj\n200 0 obj\n<>\nendobj\n201 0 obj\n<>\nendobj\n202 0 obj\n<>\nendobj\n203 0 obj\n<>\nendobj\n204 0 obj\n<>\nendobj\n205 0 obj\n<>\nendobj\n206 0 obj\n<>\nendobj\n207 0 obj\n<>\nendobj\n208 0 obj\n<>\nendobj\n209 0 obj\n Source: `pages/strategies-index__12.html (https://www.apra.gov.au/sites/default/files/final20rpf20self-assessment200021.pdf)`\n- Questions 1 and 2 — Assessing the problem and objectives of\ngovernment action\nIn its April 2017 discussion paper, Revisions to Large Exposures,2 APRA outlined\nthe problem in relation to APRA’s large exposure requirements for authorised\ndeposit-taking institutions (ADIs), as set out in Prudential Standard APS 221 Large\nExposures (APS 221).These requirements are an important part of the prudential\nframework and complement other risk management requirements, including risk-\nbased capital requirements.\n Source: `strategies/Regulation-2520Impact-2520Analysis-2520of-2520Revisions-2520to-2520the-2520Large.pdf (https://www.apra.gov.au/sites/default/files/Regulation%2520Impact%2520Analysis%2520of%2520Revisions%2520to%2520the%2520Large%2520Exposures%2520Framework.pdf)`\n- In April 2014, the Basel Committee released its revised large exposures framework,\nStandards: Supervisory framework for measuring and controlling large exposures\n(Basel large exposures framework), which replaces the Basel Committee’s large\nexposures guidance on monitoring and controlling large credit exposures released in\nJanuary 1991.3 The large exposure requirements complement risk-based capital\n1 Australian Government Guide to Regulation, March 2014\n2 Refer to http://www.apra.gov.au/adi/PrudentialFramework/Pages/Consultation-Large-Exposures-April-\n2017.aspx.\n Source: `strategies/Regulation-2520Impact-2520Analysis-2520of-2520Revisions-2520to-2520the-2520Large.pdf (https://www.apra.gov.au/sites/default/files/Regulation%2520Impact%2520Analysis%2520of%2520Revisions%2520to%2520the%2520Large%2520Exposures%2520Framework.pdf)`\n- Table 4 – Capital costs (first, second and third options)\nExposure Risk weight Risk weight Risk weight\n(first option) (second option) (third option)\nAAA (senior) 20%* (7%**) 20% 15-20%+\nAAA (non-senior) 20%* (12%**) 20% 15%-70%+\nAA (non-senior) 20%* (15%**) 20% 30%-120%+\nA (non-senior) 50%* (20%**) Common Equity Tier CET1 deduction\n1 Capital (CET1)\ndeduction\nBBB (non-senior) 100%* (75%**) CET1 deduction CET1 deduction\nUnrated (non-senior) 1250% CET1 deduction CET1 deduction\n* Using the external ratings-based approach under the current APS 120 (January 2015)\n** Using the advanced approaches under the current APS 120 (January 2015)\n+ Using the external ratings-based approach under the Basel III securitisation framework\nSummary of policy options and net benefits\nTable 5: Summary of the net benefits of each option\nFirst option Second option Third option\n Source: `strategies/Securitisation-RIS_0.pdf (https://www.apra.gov.au/sites/default/files/Securitisation-RIS_0.pdf)`\n- KPI 1: Regulators do not unnecessarily impede the efficient operation of regulated entities\nKPI 2: Communication with regulated entities is clear, targeted and effective\nKPI 3: Actions undertaken by regulators are proportionate to the regulatory risk being managed\nKPI 4: Compliance and monitoring approaches are streamlined and coordinated\nKPI 5: Regulators are open and transparent in their dealings with regulated entities\nKPI 6: Regulators actively contribute to continuous improvement of regulatory frameworks.\n Source: `strategies/final20rpf20self-assessment200021.pdf (https://www.apra.gov.au/sites/default/files/final20rpf20self-assessment200021.pdf)`\n\n### Strategic Priorities\n\n- [pages 21,22,23]\ne 21]\nStakeholder APRA’s biennial stakeholder survey (last conducted in 2019) asked stakeholders\nfeedback to rate their level of agreement with the following statements:\nAPRA is primarily risk-based in it supervision:\nAPRA assists your institution to identify and mitigate emerging risks:\nExternal stakeholder validation\nIndustry associations agreed with APRA’s assessment of KPI 3 and welcomed the\nintroduction of the new annual publication of APRA’s supervision priorities.\n Source: `strategies/APRA-20Regulator-20Performance-20Framework-20Self-assessment-202019-20.pdf (https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf)`\n- The priority collections by industry are:\nGeneral insurance: GRS 300.0, GRS 300.0.G, GRS 114.0, GRS 114.0.G, GRS 115.0.G, GRS 115.1.G\nLife insurance: LRS 300.0, LRS 114.0, LRS 200.0\nPrivate health insurance: HRS 300.0, HRS 114.0, HRS 115.0\nFurther information regarding this collection can be found\nhere\n.\n Source: `pages/media-releases-index.html (http://www.apra.gov.au/apra-connect-release-notes)`\n- Work is underway to enhance communications as a strategic priority from APRA’s 2018-2022 Corporate Plan.\n Source: `pages/inquiries-index.html (http://www.apra.gov.au/apras-response-to-capability-review-report)`\n- [Page 15]\nkey Performance\nIndicator 5\nRegulators are open and transparent in their dealings with\nregulated entities\nPerformance metrics\n5.1 APRA publishes its supervisory and enforcement approaches on its external website\n5.2 Demonstrated regular engagement with stakeholders\n5.3 APRA publicly reports on its performance and provides detail on key aspects of APRA’s activities\n5.4 APRA’s Service Charter is publicly available\n5.5 Feedback collected and publicly reported from biennial stakeholder survey\nAPRA’s assessment\nAPRA’s assessment of its performance against KPI 5 broadly considers the transparency of its\nregulatory approach and key activities, and its Service Charter expectations.\n Source: `strategies/final20rpf20self-assessment200021.pdf (https://www.apra.gov.au/sites/default/files/final20rpf20self-assessment200021.pdf)`\n- APRA published media releases and information papers on key prudential\nactivities and decisions impacting regulated entities throughout the year\nincluding:\n• 25 speeches (21 in 2018/19), of which almost half related to three of the\nfour strategic focus areas included in APRA’s 2019-2023 Corporate Plan -\nImprove outcomes for superannuation members; Transform governance,\nculture, remuneration and accountability (GCRA) across all regulated\nfinancial institutions; and Improve cyber resilience across the financial\nsystem.\n• 150 media releases and news items (84 in 2018/19), of which\napproximately one third directly related to providing regulated entities\nwith updates on guidance materials; notifying regulated entities of\nproposed updates/changes to prudential standards, approaches or\nexpectations; responses to independent reviews; and policy priorities.\n Source: `strategies/APRA-20Regulator-20Performance-20Framework-20Self-assessment-202019-20.pdf (https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf)`\n- Footnotes:\n1\nFor a more in-depth description of capital, see our '\nCapital Explained\n' article, March 2020\n2\nAPRA's Supervision Priorities - PDF 686.19KB\n, Chapter 4, section 4.1.1 Overseas reinsurance, January 2020.\n Source: `pages/strategies-index__06.html (http://www.apra.gov.au/data-find-capital-resilience-australia%E2%80%99s-general-insurance-industry)`\n- Questions 1 and 2 — Assessing the problem and objectives of\ngovernment action\nIn its April 2017 discussion paper, Revisions to Large Exposures,2 APRA outlined\nthe problem in relation to APRA’s large exposure requirements for authorised\ndeposit-taking institutions (ADIs), as set out in Prudential Standard APS 221 Large\nExposures (APS 221).These requirements are an important part of the prudential\nframework and complement other risk management requirements, including risk-\nbased capital requirements.\n Source: `strategies/Regulation-2520Impact-2520Analysis-2520of-2520Revisions-2520to-2520the-2520Large.pdf (https://www.apra.gov.au/sites/default/files/Regulation%2520Impact%2520Analysis%2520of%2520Revisions%2520to%2520the%2520Large%2520Exposures%2520Framework.pdf)`\n- In April 2014, the Basel Committee released its revised large exposures framework,\nStandards: Supervisory framework for measuring and controlling large exposures\n(Basel large exposures framework), which replaces the Basel Committee’s large\nexposures guidance on monitoring and controlling large credit exposures released in\nJanuary 1991.3 The large exposure requirements complement risk-based capital\n1 Australian Government Guide to Regulation, March 2014\n2 Refer to http://www.apra.gov.au/adi/PrudentialFramework/Pages/Consultation-Large-Exposures-April-\n2017.aspx.\n Source: `strategies/Regulation-2520Impact-2520Analysis-2520of-2520Revisions-2520to-2520the-2520Large.pdf (https://www.apra.gov.au/sites/default/files/Regulation%2520Impact%2520Analysis%2520of%2520Revisions%2520to%2520the%2520Large%2520Exposures%2520Framework.pdf)`\n- Table 4 – Capital costs (first, second and third options)\nExposure Risk weight Risk weight Risk weight\n(first option) (second option) (third option)\nAAA (senior) 20%* (7%**) 20% 15-20%+\nAAA (non-senior) 20%* (12%**) 20% 15%-70%+\nAA (non-senior) 20%* (15%**) 20% 30%-120%+\nA (non-senior) 50%* (20%**) Common Equity Tier CET1 deduction\n1 Capital (CET1)\ndeduction\nBBB (non-senior) 100%* (75%**) CET1 deduction CET1 deduction\nUnrated (non-senior) 1250% CET1 deduction CET1 deduction\n* Using the external ratings-based approach under the current APS 120 (January 2015)\n** Using the advanced approaches under the current APS 120 (January 2015)\n+ Using the external ratings-based approach under the Basel III securitisation framework\nSummary of policy options and net benefits\nTable 5: Summary of the net benefits of each option\nFirst option Second option Third option\n Source: `strategies/Securitisation-RIS_0.pdf (https://www.apra.gov.au/sites/default/files/Securitisation-RIS_0.pdf)`\n- KPI 1: Regulators do not unnecessarily impede the efficient operation of regulated entities\nKPI 2: Communication with regulated entities is clear, targeted and effective\nKPI 3: Actions undertaken by regulators are proportionate to the regulatory risk being managed\nKPI 4: Compliance and monitoring approaches are streamlined and coordinated\nKPI 5: Regulators are open and transparent in their dealings with regulated entities\nKPI 6: Regulators actively contribute to continuous improvement of regulatory frameworks.\n Source: `strategies/final20rpf20self-assessment200021.pdf (https://www.apra.gov.au/sites/default/files/final20rpf20self-assessment200021.pdf)`\n\n## KPIs, Targets, and Where They Are At\n\n- Supporting evidence for KPI 1\nOBPR\ncompliance\nAPRA achieved its target of 100% compliance with OBPR requirements for all changes to the prudential framework made in 2018/19, supported by the preparation of Regulatory Impact Statements (RIS) to assess the costs, benefit and impacts of policy changes on industry where required.\n Source: `pages/strategies-index__09.html (http://www.apra.gov.au/regulator-performance-framework-self-assessment-2018-19)`\n- KPI 2 – Communication with regulated entities is clear, targeted and effective\n2(i) Regulators provide guidance and information that is up to date, clear, 2.1 APRA publishes up-to-date guidance on its framework, processes and\naccessible and concise through media appropriate to the target activities on its external website.\naudience 2.2 Timely communication on key developments or consultations are\n2(ii) Regulators consider the impact on regulated entities and engage with delivered electronically to all relevant APRA contacts and those\nindustry groups and representatives of the affected stakeholders before stakeholders that register for notifications on APRA’s website.\nchanging policies, practices or service standards.\n Source: `strategies/APRA-20Regulator-20Performance-20Framework-20Self-assessment-202019-20.pdf (https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf)`\n- KPI 1: Regulators do not unnecessarily impede the efficient operation of regulated entities\nSelf-assessment KPI achieved, although opportunities for improvement identified\nPerformance In 2019/20, APRA significantly adjusted its regulatory approach in response to\nsummary a rapidly deteriorating operating environment triggered by the COVID-19\npandemic.\n Source: `strategies/APRA-20Regulator-20Performance-20Framework-20Self-assessment-202019-20.pdf (https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf)`\n- KPI 3: Actions undertaken by regulators are proportionate to the regulatory risk being managed\nSelf-assessment KPI achieved\nPerformance Throughout 2019/20, APRA continued to take a risk-based approach to\nsummary identifying and assessing areas of greatest risk to regulated entities in\nmeeting their obligations to beneficiaries; and to financial stability in\nAustralia, and directing its resources to address those risks particularly in\nrespect to the COVID-19 pandemic and economic contraction.\n Source: `strategies/APRA-20Regulator-20Performance-20Framework-20Self-assessment-202019-20.pdf (https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf)`\n- KPI 2 – Communication with regulated entities is clear, targeted and effective\nMeasures of good regulatory performance\n5\nAPRA measures\n2(i) Regulators provide guidance and information that is up to date, clear, accessible and concise through media appropriate to the target audience\n2(ii) Regulators consider the impact on regulated entities and engage with industry groups and representatives of the affected stakeholders before changing policies, practices or service standards.\n Source: `pages/strategies-index__09.html (http://www.apra.gov.au/regulator-performance-framework-self-assessment-2018-19)`\n- KPI 1: Regulators do not unnecessarily impede the efficient operation of regulated entities\nKPI 2: Communication with regulated entities is clear, targeted and effective\nKPI 3: Actions undertaken by regulators are proportionate to the regulatory risk being managed\nKPI 4: Compliance and monitoring approaches are streamlined and coordinated\nKPI 5: Regulators are open and transparent in their dealings with regulated entities\nKPI 6: Regulators actively contribute to continuous improvement of regulatory frameworks.\n Source: `strategies/final20rpf20self-assessment200021.pdf (https://www.apra.gov.au/sites/default/files/final20rpf20self-assessment200021.pdf)`\n- [Page 11]\nkey Performance\nIndicator 3\nActions undertaken by regulators are proportionate to the\nregulatory risk being managed\nPerformance metrics\n3.1 APRA publications address current and emerging issues or developments in the financial sector\n3.2 APRA publishes its supervisory and enforcement approaches on its website\n3.3 Statements of Expectations and Intent are published\n3.4 Feedback collected and publicly reported from biennial stakeholder survey\nAPRA’s assessment\nAPRA’s assessment of KPI 3 is broadly based on an assessment of the expectations from the\nGovernment and APRA’s intent in meeting those expectations, whether APRA demonstrates\nan understanding of the industry, and whether APRA’s practices demonstrate a proportionate\napproach.\n Source: `strategies/final20rpf20self-assessment200021.pdf (https://www.apra.gov.au/sites/default/files/final20rpf20self-assessment200021.pdf)`\n- [Page 3]\nSUPPORTING EVIDENCE KPI2\nCONTENTS\nIntroduction 4\nAbout the Framework 4\nEvaluating APRA’s performance 6\nSelf-assessment 6\nExternal validation 6\nKPI 1 R egulators do not unnecessarily impede the efficient operation\nof regulated entities 7\nKPI 2 C ommunication with regulated entities is clear, targeted and\neffective 13\nKPI 3 A ctions undertaken by regulators are proportionate to the\nregulatory risk being managed 17\nKPI 4 Compliance and monitoring approaches are streamlined\nand coordinated 22\nKPI 5 Regulators are open and transparent in their dealings with\nregulated entities 27\nKPI 6 Regulators actively contribute to the continuous improvement\nof regulatory frameworks 32\nAUSTRALIAN PRUDENTIAL REGULATION AUTHORITY 3\n Source: `strategies/RPF-self-assessment-report-2016_17.pdf (https://www.apra.gov.au/sites/default/files/RPF-self-assessment-report-2016_17.pdf)`\n- [Page 5]\nSUPPORTING EVIDENCE KPI2\nKPI 2\nCommunication with\nregulated entities is clear,\ntargeted and effective\nKPI 1 KPI 3\nRegulators do not Actions undertaken by\nunnecessarily impede regulators are proportionate\nthe efficient operation to the regulatory risk being\nof regulated entities managed\nKey\nPerformance\nIndicators\nKPI 6 KPI 4\nRegulators actively Compliance and\ncontribute to the monitoring approaches\ncontinuous improvement are streamlined and\nof regulatory frameworks. coordinated\nKPI 5\nRegulators are open\nand transparent in their\ndealings with regulated\nentities\nAUSTRALIAN PRUDENTIAL REGULATION AUTHORITY 5\n Source: `strategies/RPF-self-assessment-report-2016_17.pdf (https://www.apra.gov.au/sites/default/files/RPF-self-assessment-report-2016_17.pdf)`\n- [Page 3]\nSUPPORTING EVIDENCE KPI2\nCONTENTS\nIntroduction 2\nThe Reporting Framework:\nMeasures of good regulatory performance 2\nEvaluating APRA's performance 4\nSelf-assessment 4\nExternal validation 4\nGeneral stakeholder validation feedback 5\nKPI 1 Regulators do not unnecessarily impede the efficient operation of\nregulated entities 6\nKPI 2 Communication with regulated entities is clear, targeted\nand effective 12\nKPI 3 Actions undertaken by regulators are proportionate to the\nregulatory risk being managed 17\nKPI 4 Compliance and monitoring approaches are streamlined\nand coordinated 21\nKPI 5 Regulators are open and transparent in their dealings with\nregulated entities 26\nKPI 6 Regulators actively contribute to the continuous improvement of\nregulatory frameworks 31\nAUSTRALIAN PRUDENTIAL REGULATION AUTHORITY 1\n Source: `strategies/apra_regulator_performance_framework_self-assessment_2017-18.pdf (https://www.apra.gov.au/sites/default/files/apra_regulator_performance_framework_self-assessment_2017-18.pdf)`\n- [Page 3]\nContents\nIntroduction 5\nThe Framework: Measures of good regulatory performance 5\nEvaluating APRA’s performance against the Framework 6\nOverall self-assessment 7\nGeneral stakeholder feedback 11\nKPI 1 - Regulators do not unnecessarily impede the efficient operation of regulated\nentities 12\nMeasures of good regulatory performance 12\nAPRA’s self-assessment against KPI 1 12\nSupporting evidence for KPI 1 13\nExternal stakeholder validation 14\nKPI 2 - Communication with regulated entities is clear, targeted and effective 15\nMeasures of good regulatory performance 15\nAPRA’s self-assessment against KPI 2 15\nSupporting evidence for KPI 2 16\nExternal stakeholder validation 18\nKPI 3 - Actions undertaken by regulators are proportionate to the regulatory risk being\nmanaged 19\nMeasures of good regulatory performance 19\nAPRA’s self-assessment against KPI 3 19\nSupporting evidence for KPI 3 20\n Source: `strategies/APRA-20Regulator-20Performance-20Framework-20Self-assessment-202019-20.pdf (https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf)`\n- The Framework comprises six Key Performance Indicators (KPIs) that articulate the\nGovernment’s overarching expectations of regulator performance, namely:\nKPI 1: Regulators do not unnecessarily impede the efficient operation of regulated entities\nKPI 2: Communication with regulated entities is clear, targeted and effective\nKPI 3: Actions undertaken by regulators are proportionate to the regulatory risk being\nmanaged\nKPI 4: Compliance and monitoring approaches are streamlined and coordinated\nKPI 5: Regulators are open and transparent in their dealings with regulated entities\nKPI 6: Regulators actively contribute to the continuous improvement of regulatory\nframeworks.\n Source: `strategies/APRA-20Regulator-20Performance-20Framework-20Self-assessment-202019-20.pdf (https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf)`\n- [Page 15]\nKPI 2 - Communication with regulated\nentities is clear, targeted and effective\nMeasures of good regulatory performance\n2(i) Regulators provide guidance and information that is up to date, clear, accessible and\nconcise through media appropriate to the target audience.\n Source: `strategies/APRA-20Regulator-20Performance-20Framework-20Self-assessment-202019-20.pdf (https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf)`\n- [pages 21,22,23]\ne 21]\nStakeholder APRA’s biennial stakeholder survey (last conducted in 2019) asked stakeholders\nfeedback to rate their level of agreement with the following statements:\nAPRA is primarily risk-based in it supervision:\nAPRA assists your institution to identify and mitigate emerging risks:\nExternal stakeholder validation\nIndustry associations agreed with APRA’s assessment of KPI 3 and welcomed the\nintroduction of the new annual publication of APRA’s supervision priorities.\n Source: `strategies/APRA-20Regulator-20Performance-20Framework-20Self-assessment-202019-20.pdf (https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf)`\n\n## Key Metrics\n\n| Values found | Evidence | Source |\n|---|---|---|\n| $9.7\n, $9.7 million, 9.7 million | There was also\nfeedback to indicate difficulties in understanding reporting requirements.\ngovernment will provide The costs associated with replacing D2A has meant that an upgrade\nto more modern technology has not previously been feasible.\n$9.7\nHowever, as part of the 2016/17 Budget, the Government announced\nmIllIon it will provide $9.7 million over three years from 2016/17 to\nmodernise APRA’s data collection and dissemination systems.\nto moderni | `strategies/final20rpf20self-assessment200021.pdf (https://www.apra.gov.au/sites/default/files/final20rpf20self-assessment200021.pdf)` |\n| $24.2 billion, $150\nbillion, 36 per cent, 15 per cent, 24.2 billion, 150\nbillion | Investment performance outcomes and data limitations: highlights from\nProductivity Commission report\nThe productivity commission found ‘about 36 per cent of the choice investment options\n(accounting for 15 per cent of assets with data available, or $24.2 billion) delivered\nreturns more than 25 basis points below their tailored benchmark.’ p148\n‘Scaling up these results to the entire choice segment would suggest that at least $150\nbillion in asset | `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pdf (https://www.apra.gov.au/sites/default/files/2021-09/RIS_Superannuation%20Data%20Transformation%20%28SDT%29%20phase%201%20.pdf)` |\n| $52 million, $10 billion, $12 million, 52 million, 10 billion, 7.8 per cent | Given these estimated savings are much larger than the $52 million in average annual\nregulatory costs under option 3 or 4, smaller incremental improvements could cover the\nregulatory costs:\n• if just $10 billion (7.8 per cent of total assets in underperforming options) were moved\nfrom underperforming options to equivalent options with performance of an additional\n50 basis points;\n• if all underperforming options improved their performance against | `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pdf (https://www.apra.gov.au/sites/default/files/2021-09/RIS_Superannuation%20Data%20Transformation%20%28SDT%29%20phase%201%20.pdf)` |\n| $116 billion, $50,000 , 116 billion, 0.75 per cent, 0.44 per cent | An estimated $116 billion in assets are in Choice products with administration fees\nequivalent to more than 0.75 per cent for a $50,000 balance, compared to the median\nMySuper administration fee of 0.44 per cent for a $50,000 balance. | `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pdf (https://www.apra.gov.au/sites/default/files/2021-09/RIS_Superannuation%20Data%20Transformation%20%28SDT%29%20phase%201%20.pdf)` |\n| $52 million, $12.4 million, 0.46 per cent, 52 million, 0.11 per cent, 12.4 million | Assuming that the savings from a\nreduction in expenses which are not in the best financial interests of members is passed on\nto members:\n• Just an 0.46 per cent decrease in total industry expenses which are not in the best\nfinancial interests of members would deliver an annual saving to members which\nwould offset the total regulatory costs of $52 million per annum.\n• Just an 0.11 per cent decrease in total industry expenses which are not in the b | `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pdf (https://www.apra.gov.au/sites/default/files/2021-09/RIS_Superannuation%20Data%20Transformation%20%28SDT%29%20phase%201%20.pdf)` |\n| $52 million, $12.4 million, 52 million, 0.11 per cent, 12.4 million | [pages 44,45,46]\nsts of members would deliver an annual saving to members which\nwould offset the total regulatory costs of $52 million per annum.\n• Just an 0.11 per cent decrease in total industry expenses which are not in the best\nfinancial interests of members would deliver an annual saving to members which\nwould offset the difference in total regulatory costs between option 2 and option 3 or\n4 of $12.4 million per year over 10 years. | `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pdf (https://www.apra.gov.au/sites/default/files/2021-09/RIS_Superannuation%20Data%20Transformation%20%28SDT%29%20phase%201%20.pdf)` |\n| $408m, $800 billion, 800 billion | RSE licensees would be able to stagger the cost of implementation over\n27 As an example, since in the year since the first publication of performance assessments in the MySuper\nproduct heatmap, an estimated $408m annual saving in total fees and costs has been achieved for MySuper\nproducts (which represent assets of over $800 billion). | `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pdf (https://www.apra.gov.au/sites/default/files/2021-09/RIS_Superannuation%20Data%20Transformation%20%28SDT%29%20phase%201%20.pdf)` |\n| $129 billion, 15 per cent, 129 billion, 0.25 per cent, 2.0 per cent | APRA estimates that 15 per cent of choice assets, representing $129 billion are in\nunderperforming options with the quantum of underperformance ranging from 0.25 per cent\nbelow the benchmark return to more than 2.0 per cent below the benchmark return. | `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pdf (https://www.apra.gov.au/sites/default/files/2021-09/RIS_Superannuation%20Data%20Transformation%20%28SDT%29%20phase%201%20.pdf)` |\n| $500,000 , $1.0 million, 0.05 per cent, 0.30 per cent, 1.0 million | ADIs are likely to achieve cost savings from\nfunding-only securitisation, including a reduction in funding costs with the ability to issue ‘soft bullet’\nsecurities; the extent of this price benefit for ADIs is difficult to determine, but some industry\nestimates indicate an annual cost saving for residential home loans of up 0.05 per cent for Australian\ndollar issuance and up to 0.30 per cent for foreign currency issuance.11\nIn relation to funding | `strategies/Securitisation-RIS_0.pdf (https://www.apra.gov.au/sites/default/files/Securitisation-RIS_0.pdf)` |\n| $408m, 71 per cent, 10 million | APRA has seen the following impacts in\nresponse from RSE licensees21:\n• 11 of the MySuper products that underperformed the investment benchmarks have\nexited the industry;\n• 71 per cent of MySuper members (10 million members) are paying less in total fees and\ncosts; and\n• an estimated $408m annual saving in total fees and costs across the MySuper product\ncohort has been achieved. | `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pdf (https://www.apra.gov.au/sites/default/files/2021-09/RIS_Superannuation%20Data%20Transformation%20%28SDT%29%20phase%201%20.pdf)` |\n| $39\nmillion, $386,000 , $1.75 , 39\nmillion, 22.5 million | Over 10 years this represents a total increase of $39\nmillion per year or $386,000 per year per RSE licensee or $1.75 per member per year\n(based on 22.5 million member accounts in APRA regulated funds at June 2020). | `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pdf (https://www.apra.gov.au/sites/default/files/2021-09/RIS_Superannuation%20Data%20Transformation%20%28SDT%29%20phase%201%20.pdf)` |\n| $39 million, $0 , $386,000\n, 39 million | [Page 16]\nTable 1: Regulatory burden estimate (RBE) table (see Appendix D for further detail)\nAverage annual regulatory costs (from business as usual)\nChange in costs Business Community Individuals Total change in Average cost per\norganisations costs business\nTotal, by sector $39 million $0 $0 $39 million $386,000\nThere would also be additional costs to APRA in accepting and analysing additional data, as\nwell as publishing industry insights. | `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pdf (https://www.apra.gov.au/sites/default/files/2021-09/RIS_Superannuation%20Data%20Transformation%20%28SDT%29%20phase%201%20.pdf)` |\n| $2 million, $400,000 , $560,000 , 2 million | These are estimated at $2 million of initial cost and\n$400,000 annually, an average cost of $560,000 per year over 10 years. | `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pdf (https://www.apra.gov.au/sites/default/files/2021-09/RIS_Superannuation%20Data%20Transformation%20%28SDT%29%20phase%201%20.pdf)` |\n| $52 million, $511,000 , $2.13 , 52 million, 22.5 million | Over 10 years this represents a total increase of $52 million per year\nor $511,000 per year per RSE licensee, or $2.13 per member (based on 22.5 million\nmember accounts in APRA regulated funds at June 2020). | `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pdf (https://www.apra.gov.au/sites/default/files/2021-09/RIS_Superannuation%20Data%20Transformation%20%28SDT%29%20phase%201%20.pdf)` |\n| $52 million, $0 , $511,000\n, 52 million | Table 2: Regulatory burden estimate (RBE) table (see Appendix D for further detail)\nAverage annual regulatory costs (change from business as usual)\nChange in costs Business Community Individuals Total change in Average cost per\norganisations costs business\nTotal, by sector $52 million $0 $0 $52 million $511,000\nThere would be additional costs to APRA in accepting and analysing additional data, as well\nas publishing industry insights. | `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pdf (https://www.apra.gov.au/sites/default/files/2021-09/RIS_Superannuation%20Data%20Transformation%20%28SDT%29%20phase%201%20.pdf)` |\n| $3 million, $500,000\n, $750,000 , 3 million | These are estimated at $3 million initial costs and $500,000\nannually, an average cost of $750,000 per year over 10 years. | `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pdf (https://www.apra.gov.au/sites/default/files/2021-09/RIS_Superannuation%20Data%20Transformation%20%28SDT%29%20phase%201%20.pdf)` |\n\n## Key Achievements\n\n- Investment performance outcomes and data limitations: highlights from\nProductivity Commission report\nThe productivity commission found ‘about 36 per cent of the choice investment options\n(accounting for 15 per cent of assets with data available, or $24.2 billion) delivered\nreturns more than 25 basis points below their tailored benchmark.’ p148\n‘Scaling up these results to the entire choice segment would suggest that at least $150\nbillion in assets (or 15 per cent of choice assets) are in underperforming investment\noptions.\n Source: `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pdf (https://www.apra.gov.au/sites/default/files/2021-09/RIS_Superannuation%20Data%20Transformation%20%28SDT%29%20phase%201%20.pdf)`\n- KPI 2 – Communication with regulated entities is clear, targeted and effective\n2(i) Regulators provide guidance and information that is up to date, clear, 2.1 APRA publishes up-to-date guidance on its framework, processes and\naccessible and concise through media appropriate to the target activities on its external website.\naudience 2.2 Timely communication on key developments or consultations are\n2(ii) Regulators consider the impact on regulated entities and engage with delivered electronically to all relevant APRA contacts and those\nindustry groups and representatives of the affected stakeholders before stakeholders that register for notifications on APRA’s website.\nchanging policies, practices or service standards.\n Source: `strategies/APRA-20Regulator-20Performance-20Framework-20Self-assessment-202019-20.pdf (https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf)`\n- [Page 9]\nkey Performance\nIndicator 2\ncommunication with regulated entities is clear, targeted\nand effective\nPerformance metrics\n2.1 APRA publishes up-to-date guidance on its framework, processes and activities on its\nexternal website\n2.2 Timely communication on key developments or consultations are delivered electronically to all\nrelevant APRA contacts and those stakeholders that register for notifications on APRA’s website\n2.3 Development of standards includes a consultation process consistent with the Office of Best\nPractice principles including preparing Regulation Impact Statements, public release of\nstakeholder submissions and a response to submissions\n2.4 Feedback collected and publicly reported from biennial stakeholder survey\nAPRA’s assessment\nAPRA’s assessment of its communication with regulated entities for KPI 2 is broadly based on\n Source: `strategies/final20rpf20self-assessment200021.pdf (https://www.apra.gov.au/sites/default/files/final20rpf20self-assessment200021.pdf)`\n- Information sharing\nIn addition to providing access to statistical publications on its website, APRA completed specific statistical requests from, or shared data/ information with, the following agencies/ organisations during the year:\nAustralian Competition and Consumer Commission (ACCC)\nAustralian Securities and Investment Commission (ASIC)\nAustralian Bureau of Statistics (ABS)\nAustralian Taxation Office (ATO)\nBank of International Settlements (BIS)\nDepartment of Agriculture\nDepartment of Health\nThe Organisation for Economic Co-operation and Development\nReserve Bank of Australia (RBA)\nDepartment of the Treasury\nStakeholder feedback\nAPRA's 2019 biennial stakeholder survey\nasked stakeholders to rate their level of agreement with the following statements:\nThe amount of statistical data collect by APRA is:\nFar too much/Too much: 31% (34% in 2017)\nAbout right: 68% (66% in 2017)\n Source: `pages/strategies-index__09.html (http://www.apra.gov.au/regulator-performance-framework-self-assessment-2018-19)`\n- KPI 5 – Regulators are open and transparent in their dealing with regulated entities\nMeasures of good regulatory performance\n5\nAPRA measures\n5(i) Regulators’ risk-based frameworks are publicly available in a format which is clear, understandable and accessible\n5(ii) Regulators are open and responsive to requests from regulated entities regarding the operation of the regulatory framework, and approaches implemented by regulators.\n Source: `pages/strategies-index__09.html (http://www.apra.gov.au/regulator-performance-framework-self-assessment-2018-19)`\n- Questions 1 and 2 — Assessing the problem and objectives of\ngovernment action\nIn its April 2017 discussion paper, Revisions to Large Exposures,2 APRA outlined\nthe problem in relation to APRA’s large exposure requirements for authorised\ndeposit-taking institutions (ADIs), as set out in Prudential Standard APS 221 Large\nExposures (APS 221).These requirements are an important part of the prudential\nframework and complement other risk management requirements, including risk-\nbased capital requirements.\n Source: `strategies/Regulation-2520Impact-2520Analysis-2520of-2520Revisions-2520to-2520the-2520Large.pdf (https://www.apra.gov.au/sites/default/files/Regulation%2520Impact%2520Analysis%2520of%2520Revisions%2520to%2520the%2520Large%2520Exposures%2520Framework.pdf)`\n- In April 2014, the Basel Committee released its revised large exposures framework,\nStandards: Supervisory framework for measuring and controlling large exposures\n(Basel large exposures framework), which replaces the Basel Committee’s large\nexposures guidance on monitoring and controlling large credit exposures released in\nJanuary 1991.3 The large exposure requirements complement risk-based capital\n1 Australian Government Guide to Regulation, March 2014\n2 Refer to http://www.apra.gov.au/adi/PrudentialFramework/Pages/Consultation-Large-Exposures-April-\n2017.aspx.\n Source: `strategies/Regulation-2520Impact-2520Analysis-2520of-2520Revisions-2520to-2520the-2520Large.pdf (https://www.apra.gov.au/sites/default/files/Regulation%2520Impact%2520Analysis%2520of%2520Revisions%2520to%2520the%2520Large%2520Exposures%2520Framework.pdf)`\n- Table 4 – Capital costs (first, second and third options)\nExposure Risk weight Risk weight Risk weight\n(first option) (second option) (third option)\nAAA (senior) 20%* (7%**) 20% 15-20%+\nAAA (non-senior) 20%* (12%**) 20% 15%-70%+\nAA (non-senior) 20%* (15%**) 20% 30%-120%+\nA (non-senior) 50%* (20%**) Common Equity Tier CET1 deduction\n1 Capital (CET1)\ndeduction\nBBB (non-senior) 100%* (75%**) CET1 deduction CET1 deduction\nUnrated (non-senior) 1250% CET1 deduction CET1 deduction\n* Using the external ratings-based approach under the current APS 120 (January 2015)\n** Using the advanced approaches under the current APS 120 (January 2015)\n+ Using the external ratings-based approach under the Basel III securitisation framework\nSummary of policy options and net benefits\nTable 5: Summary of the net benefits of each option\nFirst option Second option Third option\n Source: `strategies/Securitisation-RIS_0.pdf (https://www.apra.gov.au/sites/default/files/Securitisation-RIS_0.pdf)`\n- KPI 1: Regulators do not unnecessarily impede the efficient operation of regulated entities\nKPI 2: Communication with regulated entities is clear, targeted and effective\nKPI 3: Actions undertaken by regulators are proportionate to the regulatory risk being managed\nKPI 4: Compliance and monitoring approaches are streamlined and coordinated\nKPI 5: Regulators are open and transparent in their dealings with regulated entities\nKPI 6: Regulators actively contribute to continuous improvement of regulatory frameworks.\n Source: `strategies/final20rpf20self-assessment200021.pdf (https://www.apra.gov.au/sites/default/files/final20rpf20self-assessment200021.pdf)`\n- [Page 11]\nkey Performance\nIndicator 3\nActions undertaken by regulators are proportionate to the\nregulatory risk being managed\nPerformance metrics\n3.1 APRA publications address current and emerging issues or developments in the financial sector\n3.2 APRA publishes its supervisory and enforcement approaches on its website\n3.3 Statements of Expectations and Intent are published\n3.4 Feedback collected and publicly reported from biennial stakeholder survey\nAPRA’s assessment\nAPRA’s assessment of KPI 3 is broadly based on an assessment of the expectations from the\nGovernment and APRA’s intent in meeting those expectations, whether APRA demonstrates\nan understanding of the industry, and whether APRA’s practices demonstrate a proportionate\napproach.\n Source: `strategies/final20rpf20self-assessment200021.pdf (https://www.apra.gov.au/sites/default/files/final20rpf20self-assessment200021.pdf)`\n- There was also\nfeedback to indicate difficulties in understanding reporting requirements.\ngovernment will provide The costs associated with replacing D2A has meant that an upgrade\nto more modern technology has not previously been feasible.\n$9.7\nHowever, as part of the 2016/17 Budget, the Government announced\nmIllIon it will provide $9.7 million over three years from 2016/17 to\nmodernise APRA’s data collection and dissemination systems.\nto modernise\nAPRA has recently initiated a multi-year data transformation\nprogram which includes a replacement of D2A, and enhanced public\naPRa’s data collection &\naccess to the data collected by APRA.\n Source: `strategies/final20rpf20self-assessment200021.pdf (https://www.apra.gov.au/sites/default/files/final20rpf20self-assessment200021.pdf)`\n- Examples include:\n» The FSB publishes an annual report on member jurisdictions’ implementation of G20/\nFSB recommendations for reform: http://www.fsb.org/wp-content/uploads/Report-on-\nimplementation-and-effects-of-reforms-final.pdf\n» An FSB survey on resolution regimes http://www.fsb.org/2016/08/resilience-through-\nresolvability-moving-from-policy-design-to-implementation/\n» Basel Committee Progress report on the implementation of principles for effective supervisory\ncolleges: http://www.bis.org/bcbs/publ/d329.htm\nv) supplementary example of specific activity relating to\nthe kPI\nInternal ratings-based (IRB) approach to credit risk: accreditation process\nIn late 2015, APRA announced two changes to its approach to accrediting ADIs to use internal models\nfor capital adequacy purposes.\n Source: `strategies/final20rpf20self-assessment200021.pdf (https://www.apra.gov.au/sites/default/files/final20rpf20self-assessment200021.pdf)`\n\n## Key Issues, Risks, and Recommendations\n\n- Stakeholder feedback\n2019\nbiennial stakeholder survey\nasked stakeholders to rate their level of agreement with the following statements:\nAPRA's prudential framework is effective in achieving APRA’s mission:\nStrongly Agree/Agree: 84% (87% in 2017)\nNeutral: 13% (12% in 2017)\nDisagree/Strongly disagree: 2% (1% in 2017)\nDon’t know: 1% (<1% in 2017)\nAPRA's supervision of your entity is consistent with APRA’s mission:\nStrongly Agree/Agree: 86% (87% in 2017)\nNeutral:  9% (8% in 2017)\nDisagree/Strongly disagree: 2% (1% in 2017)\nDon’t know: 4% (3% in 2017)\nDuring prudential reviews of your entity, APRA appropriately assesses the importance of issues that are subject to APRA requirements, recommendations or suggestions:\nStrongly Agree/Agree: 84% (82% in 2017)\nNeutral: 11% (16% in 2017)\nDisagree/Strongly disagree 2% (1% in 2017)\nDon’t know: 3% (2% in 2017)\n Source: `pages/strategies-index__09.html (http://www.apra.gov.au/regulator-performance-framework-self-assessment-2018-19)`\n- [Page 11]\nkey Performance\nIndicator 3\nActions undertaken by regulators are proportionate to the\nregulatory risk being managed\nPerformance metrics\n3.1 APRA publications address current and emerging issues or developments in the financial sector\n3.2 APRA publishes its supervisory and enforcement approaches on its website\n3.3 Statements of Expectations and Intent are published\n3.4 Feedback collected and publicly reported from biennial stakeholder survey\nAPRA’s assessment\nAPRA’s assessment of KPI 3 is broadly based on an assessment of the expectations from the\nGovernment and APRA’s intent in meeting those expectations, whether APRA demonstrates\nan understanding of the industry, and whether APRA’s practices demonstrate a proportionate\napproach.\n Source: `strategies/final20rpf20self-assessment200021.pdf (https://www.apra.gov.au/sites/default/files/final20rpf20self-assessment200021.pdf)`\n- [Page 33]\nExisting Reporting Gaps / challenge in extending to non-MySuper products New Reporting Standard\nStandard\nSRS 530.0 Investments Details on the gaps are outlined in the topic paper: SRS 550.0 Asset Allocation\nSRS 533.0 Asset • Industry feedback that the strategic asset allocation classes • Enhanced data on investment strategies, to facilitate\nAllocation could be improved. the assessment of investment performance and\nSRS 534.0 Derivative understanding of investment strategy and exposures\nFinancial Instruments • SRF 533.0 strategic asset allocation does not allow for to various asset classes for all investment options, and\nassessment of the differing levels of risk within the same data on the investment exposures of the fund.\nstrategic allocation to an asset class.\n• SRF 534.0 is collected on an annual basis and so does not\n Source: `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pdf (https://www.apra.gov.au/sites/default/files/2021-09/RIS_Superannuation%20Data%20Transformation%20%28SDT%29%20phase%201%20.pdf)`\n- 17 October 2022 - New capital framework released in external test environment\nWh\nat has changed\nIssues addressed\nNew Capital Framework released in External Test Environment\nThe following collections are now available to test in the External Test Environment\n:\nReporting Standard ARS 110.0 Capital Adequacy - draft taxonomy artefacts\nReporting Standard ARS 112.0 Capital Adequacy: Standardised Approach to Credit Risk - revised draft taxonomy artefacts\nReporting Standard ARS 113.0 Capital Adequacy: Internal Ratings-based Approach to Credit Risk - revised draft taxonomy artefacts\nReporting Standard ARS 115.0 Capital Adequacy: Advanced Measurement Approaches to Operational Risk - final taxonomy artefacts\nThe new draft taxonomy artefacts can be found on the\nTaxonomy Artefacts page\n.\n Source: `pages/media-releases-index.html (http://www.apra.gov.au/apra-connect-release-notes)`\n- [Page 19]\nKE Y PERFORMANCE\nINDICATOR 3\nActions undertaken by regulators are proportionate\nto the regulatory risk being managed\nMeasures of good APRA specific\nregulatory performance measures\nRegulators apply a risk-based, APRA publications address\n3(i) proportionate approach to compliance 3.1 current and emerging issues\nobligations, engagement and or developments in the financial\nregulatory enforcement actions. sector.\n Source: `strategies/apra_regulator_performance_framework_self-assessment_2017-18.pdf (https://www.apra.gov.au/sites/default/files/apra_regulator_performance_framework_self-assessment_2017-18.pdf)`\n- APRA's During prudential reviews of your entity, APRA appropriately assesses the\nassessments importance of issues that are subject to APRA requirements, recommendations\nor suggestions?\nare appropriate\nand supervision • 82% of stakeholder survey respondents agreed or strongly agreed,\npractices are in • 16% were neutral and\nline with best\n• 1% disagreed or strongly disagreed.\npractice\n[APRA meets intentions] supervising in line with international best practice?\n• 64% of survey respondents agreed or strongly agreed;\n• 19% were neutral; and\n• 0% disagreed or strongly disagreed.\n Source: `strategies/apra_regulator_performance_framework_self-assessment_2017-18.pdf (https://www.apra.gov.au/sites/default/files/apra_regulator_performance_framework_self-assessment_2017-18.pdf)`\n- Questions 1 and 2 — Assessing the problem and objectives of\ngovernment action\nIn its April 2017 discussion paper, Revisions to Large Exposures,2 APRA outlined\nthe problem in relation to APRA’s large exposure requirements for authorised\ndeposit-taking institutions (ADIs), as set out in Prudential Standard APS 221 Large\nExposures (APS 221).These requirements are an important part of the prudential\nframework and complement other risk management requirements, including risk-\nbased capital requirements.\n Source: `strategies/Regulation-2520Impact-2520Analysis-2520of-2520Revisions-2520to-2520the-2520Large.pdf (https://www.apra.gov.au/sites/default/files/Regulation%2520Impact%2520Analysis%2520of%2520Revisions%2520to%2520the%2520Large%2520Exposures%2520Framework.pdf)`\n- In April 2014, the Basel Committee released its revised large exposures framework,\nStandards: Supervisory framework for measuring and controlling large exposures\n(Basel large exposures framework), which replaces the Basel Committee’s large\nexposures guidance on monitoring and controlling large credit exposures released in\nJanuary 1991.3 The large exposure requirements complement risk-based capital\n1 Australian Government Guide to Regulation, March 2014\n2 Refer to http://www.apra.gov.au/adi/PrudentialFramework/Pages/Consultation-Large-Exposures-April-\n2017.aspx.\n Source: `strategies/Regulation-2520Impact-2520Analysis-2520of-2520Revisions-2520to-2520the-2520Large.pdf (https://www.apra.gov.au/sites/default/files/Regulation%2520Impact%2520Analysis%2520of%2520Revisions%2520to%2520the%2520Large%2520Exposures%2520Framework.pdf)`\n- Table 4 – Capital costs (first, second and third options)\nExposure Risk weight Risk weight Risk weight\n(first option) (second option) (third option)\nAAA (senior) 20%* (7%**) 20% 15-20%+\nAAA (non-senior) 20%* (12%**) 20% 15%-70%+\nAA (non-senior) 20%* (15%**) 20% 30%-120%+\nA (non-senior) 50%* (20%**) Common Equity Tier CET1 deduction\n1 Capital (CET1)\ndeduction\nBBB (non-senior) 100%* (75%**) CET1 deduction CET1 deduction\nUnrated (non-senior) 1250% CET1 deduction CET1 deduction\n* Using the external ratings-based approach under the current APS 120 (January 2015)\n** Using the advanced approaches under the current APS 120 (January 2015)\n+ Using the external ratings-based approach under the Basel III securitisation framework\nSummary of policy options and net benefits\nTable 5: Summary of the net benefits of each option\nFirst option Second option Third option\n Source: `strategies/Securitisation-RIS_0.pdf (https://www.apra.gov.au/sites/default/files/Securitisation-RIS_0.pdf)`\n- KPI 1: Regulators do not unnecessarily impede the efficient operation of regulated entities\nKPI 2: Communication with regulated entities is clear, targeted and effective\nKPI 3: Actions undertaken by regulators are proportionate to the regulatory risk being managed\nKPI 4: Compliance and monitoring approaches are streamlined and coordinated\nKPI 5: Regulators are open and transparent in their dealings with regulated entities\nKPI 6: Regulators actively contribute to continuous improvement of regulatory frameworks.\n Source: `strategies/final20rpf20self-assessment200021.pdf (https://www.apra.gov.au/sites/default/files/final20rpf20self-assessment200021.pdf)`\n- Examples include:\n» The FSB publishes an annual report on member jurisdictions’ implementation of G20/\nFSB recommendations for reform: http://www.fsb.org/wp-content/uploads/Report-on-\nimplementation-and-effects-of-reforms-final.pdf\n» An FSB survey on resolution regimes http://www.fsb.org/2016/08/resilience-through-\nresolvability-moving-from-policy-design-to-implementation/\n» Basel Committee Progress report on the implementation of principles for effective supervisory\ncolleges: http://www.bis.org/bcbs/publ/d329.htm\nv) supplementary example of specific activity relating to\nthe kPI\nInternal ratings-based (IRB) approach to credit risk: accreditation process\nIn late 2015, APRA announced two changes to its approach to accrediting ADIs to use internal models\nfor capital adequacy purposes.\n Source: `strategies/final20rpf20self-assessment200021.pdf (https://www.apra.gov.au/sites/default/files/final20rpf20self-assessment200021.pdf)`\n- [Page 3]\nSUPPORTING EVIDENCE KPI2\nCONTENTS\nIntroduction 4\nAbout the Framework 4\nEvaluating APRA’s performance 6\nSelf-assessment 6\nExternal validation 6\nKPI 1 R egulators do not unnecessarily impede the efficient operation\nof regulated entities 7\nKPI 2 C ommunication with regulated entities is clear, targeted and\neffective 13\nKPI 3 A ctions undertaken by regulators are proportionate to the\nregulatory risk being managed 17\nKPI 4 Compliance and monitoring approaches are streamlined\nand coordinated 22\nKPI 5 Regulators are open and transparent in their dealings with\nregulated entities 27\nKPI 6 Regulators actively contribute to the continuous improvement\nof regulatory frameworks 32\nAUSTRALIAN PRUDENTIAL REGULATION AUTHORITY 3\n Source: `strategies/RPF-self-assessment-report-2016_17.pdf (https://www.apra.gov.au/sites/default/files/RPF-self-assessment-report-2016_17.pdf)`\n- [Page 5]\nSUPPORTING EVIDENCE KPI2\nKPI 2\nCommunication with\nregulated entities is clear,\ntargeted and effective\nKPI 1 KPI 3\nRegulators do not Actions undertaken by\nunnecessarily impede regulators are proportionate\nthe efficient operation to the regulatory risk being\nof regulated entities managed\nKey\nPerformance\nIndicators\nKPI 6 KPI 4\nRegulators actively Compliance and\ncontribute to the monitoring approaches\ncontinuous improvement are streamlined and\nof regulatory frameworks. coordinated\nKPI 5\nRegulators are open\nand transparent in their\ndealings with regulated\nentities\nAUSTRALIAN PRUDENTIAL REGULATION AUTHORITY 5\n Source: `strategies/RPF-self-assessment-report-2016_17.pdf (https://www.apra.gov.au/sites/default/files/RPF-self-assessment-report-2016_17.pdf)`\n- [Page 17]\nKE Y PERFORMANCE\nSUPPORTING EVIDENCE KPI2\nINDICATOR 3\nActions undertaken by regulators are proportionate\nto the regulator y risk being managed\nPerformance metrics\nAPRA publications address current and emerging issues or developments in the\n3.1\nfinancial sector.\n Source: `strategies/RPF-self-assessment-report-2016_17.pdf (https://www.apra.gov.au/sites/default/files/RPF-self-assessment-report-2016_17.pdf)`\n\n## Corporate Values and Operating Culture\n\n- Post the 2017 Biennial Stakeholder Survey, APRA refreshed its core ‘values’\n(Integrity, Collaboration, Accountability, Respect and Excellence) to underpin\nits organisational culture.\n Source: `strategies/apra_regulator_performance_framework_self-assessment_2017-18.pdf (https://www.apra.gov.au/sites/default/files/apra_regulator_performance_framework_self-assessment_2017-18.pdf)`\n- Demonstration Collaboration (staff demonstrate)?\nof APRA’s\n• 82% of survey respondents stated staff demonstrate to a significant\ncore ‘values’ extent, or always demonstrate; and\nincluding\n• 17% stated staff demonstrate to some extent, or never demonstrate.\ncollaboration\nIntegrity (staff demonstrate)?\n• 96% of survey respondents stated staff demonstrate to a significant\nextent, or always demonstrate;\n• 3% stated staff demonstrate to some extent, or never demonstrate.\n Source: `strategies/apra_regulator_performance_framework_self-assessment_2017-18.pdf (https://www.apra.gov.au/sites/default/files/apra_regulator_performance_framework_self-assessment_2017-18.pdf)`\n- 332.0 z: Can an RSE licensee report a loss in respect of the expense contribution to service provider profit in SRF 332.0 Table 4:\nThe intent of SRS 332.0 Expenses Table 4: Related party reporting (Table 4) is to capture the extent to which profit of related-connected entities of the RSE licensee is attributable to expense paid out of the assets, or assets derived from assets, of a registrable superannuation entity of the RSE licensee.\n Source: `pages/strategies-index__05.html (http://www.apra.gov.au/frequently-asked-questions-superannuation-data-transformation)`\n- Its findings provide a baseline for enhancing service delivery and effectiveness.\nmini-card, small-h-img\ntrue\nsec-spacing\nsection-none\nsec-spacing-bottom\nsection-padding-between\nstyle\ndefault\nCONNECT\nWITH US\nfalse\nX\nlp-x\nhttps://x.com/wbg_gov\nSubscribe to our monthly newsletter\nWorld Bank Governance Global Department\nThe latest news, publications, and events on institutions, good governance, GovTech, open government, procurement, anticorruption, public finance, accountability & more.\nfalse\nGovernance Update|SVC123\nfalse\nTopic Expert\nArturo Herrera\nhttps://www.worldbank.org/en/about/people/a/arturo-herrera-gutierrez\ndefault alt\nDirector, Governance Global Department, World Bank\nmini-card\nmini-card\nView All Experts\nGovernance Contact\nLara Saade\nlsaade@worldbank.org\nsec-swoosh\nsec-swoosh-type11\nstyle\ngrid, bg-neutrals-20, stay-connected\nsec-spacing\nsection-none\nsec-spacing-bottom\n Source: `global-intelligence/source-text/association-worldbank.org-governance.txt`\n- The percentage of respondents who rated the item as extremely useful or very useful\n(top 2 scores) was:\n87% 68% 58%\nAPRA Supervision team Prudential practice guides Letters to institution\n57% 41%\nInteractions with APRA staff Speechs by senior APRA representatives\nThe 2015 Survey asked stakeholders to rate their level of agreement with the following statements:\nAPRA’s guidance material (including PPGs, letters and FAQs) is of value to your institution.\n Source: `strategies/final20rpf20self-assessment200021.pdf (https://www.apra.gov.au/sites/default/files/final20rpf20self-assessment200021.pdf)`\n- [Page 28]\nAppendix A: Summary of current and proposed reporting standards\nReporting level\nTopic MySuper Defined\nRSE licensee RSE Choice Products\nProducts benefit\nResponsible\nSRS 520.0\npersons\nStructure and\nSRS 600.0 SRS 001.0\nprofile\nList of select\nList reported\nSRS 601.0 investment options\nunder SRS\nreported under SRS\n601.0\n601.0\nList of all choice\nproducts,\nList reported\nProposed investment menus\nunder SRS\nSRS 605.0 and investment\n605.0\noptions reported\nunder SRS 605.0\nProduct Proposed\nrelationships SRS 606.0\nOperational risk\nSRS 114.0 SRS 114.1\nfinancial reserve\nMembership\nSRS 610.0 SRS 610.2\nSRS 610.1\nSRS 610.2\nProposed\nProposed\nSRS 611.0\nSRS 611.0\n(Enhanced\n(Enhanced\ngranularity\ngranularity account\naccount balance\nbalance and age)\nand age)\nConditions of\nSRS 710.0\nrelease\nStatement of SRS 330.1\nSRS 330.0 SRS 330.2\nfinancial\nperformance\nSRS 160.1\nStatement of\nSRS 320.0 SRS 320.1\n Source: `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pdf (https://www.apra.gov.au/sites/default/files/2021-09/RIS_Superannuation%20Data%20Transformation%20%28SDT%29%20phase%201%20.pdf)`\n- 2023\n• Industry Association\n• Excluded Sponsorship expenses from\nDue Date: 31 December 2023\nthe materiality rules.\n• Other Service Provider\n(previously proposed 30 September\n• Added Not Applicable to the Service • Promoter 2023)\nArrangement Outsourced Indicator on • Related Party\nTable 1.\n• Staff Wages\n• Removed the expense type Online\n• Travel, Entertainment\nCalculator as this expense can be\nand Conferences\nreported under 'Development and\nMaintenance of Website and Other • Development Of Website\nDigital Tools’.\n Source: `strategies/Letter-to-RSE-Licensees-Response-to-Superannuation-Data-Transformation-minor-ame.pdf (https://www.apra.gov.au/sites/default/files/2023-03/Letter to RSE Licensees Response to Superannuation Data Transformation minor amendments consultation_0.pdf)`\n- What's changed\nValidation rule changes in:\nARS_110_0\nARS_113_0\nSRS_332_0\nSRS_550_0\nSRS_705_1\n16 October 2024 - FAR forms made available to Superannuation and Insurance entities\nWhat's changed\nThe following FAR forms have been updated to support submissions from Superannuation and Insurance entities:\nFinancial Accountability Regime - Entity Profile\nFinancial Accountability Regime - Register Accountable Person\nFinancial Accountability Regime - Notification of Change to an Accountable Person\nFinancial Accountability Regime - Accountability Map\nFinancial Accountability Regime - Breach by Accountable Person\nFinancial Accountability Regime - Breach by Entity\n21 August 2024 - New ADI collections ARS 117.0 and ARS 117.1, Updates to ARS 112 and ARS 113\nWhat's changed\nADI new collections\n Source: `pages/media-releases-index.html (http://www.apra.gov.au/apra-connect-release-notes)`\n\n## Global Ideas and Case Study Inputs\n\nGlobal source texts are available for later idea synthesis:\n- `global-intelligence/source-text/association-worldbank.org-governance.txt`\n- `global-intelligence/source-text/association-worldbank.org-public-financial-management.txt`\n- `global-intelligence/source-text/consulting-deloitte.com-government-public.txt`\n- `global-intelligence/source-text/university-ash.harvard.edu-Harvard-Kennedy-School-Ash-Center.txt`\n\n## Source Artifacts Used\n\n- `strategies/Regulation-2520Impact-2520Analysis-2520of-2520Revisions-2520to-2520the-2520Large.pdf` - strategies - https://www.apra.gov.au/sites/default/files/Regulation%2520Impact%2520Analysis%2520of%2520Revisions%2520to%2520the%2520Large%2520Exposures%2520Framework.pdf\n- `strategies/Securitisation-RIS_0.pdf` - strategies - https://www.apra.gov.au/sites/default/files/Securitisation-RIS_0.pdf\n- `strategies/final20rpf20self-assessment200021.pdf` - strategies - https://www.apra.gov.au/sites/default/files/final20rpf20self-assessment200021.pdf\n- `strategies/RPF-self-assessment-report-2016_17.pdf` - strategies - https://www.apra.gov.au/sites/default/files/RPF-self-assessment-report-2016_17.pdf\n- `strategies/apra_regulator_performance_framework_self-assessment_2017-18.pdf` - strategies - https://www.apra.gov.au/sites/default/files/apra_regulator_performance_framework_self-assessment_2017-18.pdf\n- `strategies/APRA-20Regulator-20Performance-20Framework-20Self-assessment-202019-20.pdf` - strategies - https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf\n- `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pdf` - strategies - https://www.apra.gov.au/sites/default/files/2021-09/RIS_Superannuation%20Data%20Transformation%20%28SDT%29%20phase%201%20.pdf\n- `strategies/Letter-to-RSE-Licensees-Response-to-Superannuation-Data-Transformation-minor-ame.pdf` - strategies - https://www.apra.gov.au/sites/default/files/2023-03/Letter to RSE Licensees Response to Superannuation Data Transformation minor amendments consultation_0.pdf\n- `reviews/apras_response_to_the_royal_commission_recommendations_-august_update.pdf` - reviews - https://www.apra.gov.au/sites/default/files/apras_response_to_the_royal_commission_recommendations_-august_update.pdf\n- `pages/about.html` - pages - http://www.apra.gov.au/questions-about-general-life-and-private-health-insurers\n- `pages/announcements-index.html` - pages - http://www.apra.gov.au/regulation-impact-statements\n- `pages/announcements-index__26.html` - pages - https://www.apra.gov.au/regulation-impact-statements\n- `pages/announcements-index__27.html` - pages - https://www.apra.gov.au/sites/default/files/2021-09/RIS_Superannuation%20Data%20Transformation%20%28SDT%29%20phase%201%20.pdf\n- `pages/announcements-index__28.html` - pages - https://www.apra.gov.au/sites/default/files/2020-07/161011-APRA-RIS-margining-risk-mitigation-final-assessment-second-pass.pdf\n- `pages/announcements-index__29.html` - pages - https://www.apra.gov.au/sites/default/files/Final-Regulatory-Impact-Statement-Risk-Management-RIS-%28January-2014%29_0.pdf\n- `pages/contact.html` - pages - http://www.apra.gov.au/step-1-early-contact-apra\n- `pages/homepage.html` - pages - http://www.apra.gov.au\n- `pages/inquiries-index.html` - pages - http://www.apra.gov.au/apras-response-to-capability-review-report\n- `pages/inquiries-index__18.html` - pages - https://www.apra.gov.au/apras-response-to-capability-review-report\n- `pages/media-releases-index.html` - pages - http://www.apra.gov.au/apra-connect-release-notes\n- `pages/media-releases-index__19.html` - pages - https://www.apra.gov.au/apra-connect-release-notes\n- `pages/media-releases-index__20.html` - pages - http://www.apra.gov.au/apra-connect-release-notes\n- `pages/media-releases-index__21.html` - pages - http://www.apra.gov.au/regulation-impact-statements\n- `pages/media-releases-index__22.html` - pages - http://www.apra.gov.au/news-and-publications/39\n- `pages/media-releases-index__23.html` - pages - http://www.apra.gov.au/news-and-publications/40\n- `pages/media-releases-index__24.html` - pages - https://www.apra.gov.au/sites/default/files/2023-03/Letter to RSE Licensees Response to Superannuation Data Transformation minor amendments consultation_0.pdf\n- `pages/media-releases-index__25.html` - pages - http://www.apra.gov.au/apras-ai-transparency-statement\n- `pages/news-latest.html` - pages - http://www.apra.gov.au\n- `pages/priorities-index.html` - pages - http://www.apra.gov.au/what-we-do\n- `pages/publications-index.html` - pages - https://www.apra.gov.au/news-and-publications?industry%5B1%5D=1\n- `pages/royal-commissions-index.html` - pages - http://www.apra.gov.au/apras-response-to-royal-commission-recommendations\n- `pages/royal-commissions-index__14.html` - pages - https://www.apra.gov.au/apras-response-to-royal-commission-recommendations\n- `pages/royal-commissions-index__15.html` - pages - http://www.apra.gov.au/apras-response-to-royal-commission-recommendations\n- `pages/royal-commissions-index__16.html` - pages - http://www.apra.gov.au/apras-response-to-capability-review-report\n- `pages/royal-commissions-index__17.html` - pages - https://www.apra.gov.au/sites/default/files/apras_response_to_the_royal_commission_recommendations_-august_update.pdf\n- `pages/strategies-index.html` - pages - http://www.apra.gov.au/regulator-performance-framework\n- `pages/strategies-index__00.html` - pages - https://www.apra.gov.au/regulator-performance-framework\n- `pages/strategies-index__01.html` - pages - http://www.apra.gov.au/regulator-performance-framework\n- `pages/strategies-index__02.html` - pages - http://www.apra.gov.au/statistics-and-reporting\n- `pages/strategies-index__03.html` - pages - http://www.apra.gov.au/superannuation-data-transformation-project\n- `pages/strategies-index__04.html` - pages - https://www.apra.gov.au/consultation-on-apras-superannuation-data-transformation\n- `pages/strategies-index__05.html` - pages - http://www.apra.gov.au/frequently-asked-questions-superannuation-data-transformation\n- `pages/strategies-index__06.html` - pages - http://www.apra.gov.au/data-find-capital-resilience-australia%E2%80%99s-general-insurance-industry\n- `pages/strategies-index__07.html` - pages - http://www.apra.gov.au/apra-explains-cyber-security\n- `pages/strategies-index__08.html` - pages - https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf\n- `pages/strategies-index__09.html` - pages - http://www.apra.gov.au/regulator-performance-framework-self-assessment-2018-19\n- `pages/strategies-index__10.html` - pages - https://www.apra.gov.au/sites/default/files/apra_regulator_performance_framework_self-assessment_2017-18.pdf\n- `pages/strategies-index__11.html` - pages - https://www.apra.gov.au/sites/default/files/RPF-self-assessment-report-2016_17.pdf\n- `pages/strategies-index__12.html` - pages - https://www.apra.gov.au/sites/default/files/final20rpf20self-assessment200021.pdf\n- `pages/strategies-index__13.html` - pages - http://www.apra.gov.au/reconciliation-artwork\n- `pages/structure.html` - pages - http://www.apra.gov.au/medical-defence-organisations\n- `global-intelligence/source-text/association-worldbank.org-governance.txt` - global-intelligence - local file\n- `global-intelligence/source-text/association-worldbank.org-public-financial-management.txt` - global-intelligence - local file\n- `global-intelligence/source-text/consulting-deloitte.com-government-public.txt` - global-intelligence - local file\n- `global-intelligence/source-text/university-ash.harvard.edu-Harvard-Kennedy-School-Ash-Center.txt` - global-intelligence - local file\n- `other-pdfs/ARS-223-RIS.pdf` - other-pdfs - https://www.apra.gov.au/sites/default/files/ARS-223-RIS.pdf\n- `other-pdfs/ris_operational_risk_information_security.pdf` - other-pdfs - https://www.apra.gov.au/sites/default/files/ris_operational_risk_information_security.pdf\n- `other-pdfs/guidelines-medical_indemnity_insurance_certification-of-funding-plan_may_2003_0.pdf` - other-pdfs - https://www.apra.gov.au/sites/default/files/guidelines-medical_indemnity_insurance_certification-of-funding-plan_may_2003_0.pdf\n- `other-pdfs/guidelines-medical_indemnity_insurance_matters-to-be-included-in-a-funding-plan_.pdf` - other-pdfs - https://www.apra.gov.au/sites/default/files/guidelines-medical_indemnity_insurance_matters-to-be-included-in-a-funding-plan_may_2003_0.pdf\n- `other-pdfs/guidelines-medical_indemnity_insurance_qualifications-independence-of-auditors-a.pdf` - other-pdfs - https://www.apra.gov.au/sites/default/files/guidelines-medical_indemnity_insurance_qualifications-independence-of-auditors-actuaries_may_2003_0.pdf\n\n## Gaps To Fix\n\n- No corporate plan text source found.\n- No annual report text source found.", "legislation_md": "# Australian Prudential Regulation Authority - Acts and Legislation Discovery\n\n**Generated at**: 2026-05-09T20:46:51.162116+00:00\n**Entity ID**: O-000931\n**Jurisdiction**: Commonwealth\n**Portfolio**: Treasury\n\n> This is an evidence-based discovery list from scraped department material. A mention does not always mean the department administers the legislation; high-confidence and official register links should be reviewed.\n\n## Summary\n\n- Source files scanned: 56\n- Unique legislation references found: 19\n\n| Type | Count |\n|---|---:|\n| Act | 17 |\n| Regulation | 2 |\n\n## Legislation References\n\n### Medical Indemnity (Prudential Supervision and Product Standards) Act 2003\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 4\n**Register search**: https://www.legislation.gov.au/search?query=Medical+Indemnity+%28Prudential+Supervision+and+Product+Standards%29+Act+2003\n\n**Sources**:\n- `pages/structure.html`\n- `other-pdfs/guidelines-medical_indemnity_insurance_certification-of-funding-plan_may_2003_0.pages.jsonl`\n- `other-pdfs/guidelines-medical_indemnity_insurance_matters-to-be-included-in-a-funding-plan_.pages.jsonl`\n- `other-pdfs/guidelines-medical_indemnity_insurance_qualifications-independence-of-auditors-a.pages.jsonl`\n\n**Evidence contexts**:\n- Medical defence organisations | APRA\n\nMedical defence organisations\nUnder the\nInsurance Act 1973\nAPRA regulates the medical indemnity insurers that are subsidiaries of MDOs.\nThe\nMedical Indemnity (Prudential Supervision and Product Standards) Act 2003\n(the Medical Indemnity Act), commencing on 1 July 2003, prohibits institutions from providing medical indemnity cover unless the institution is an authorised general insurer under the\nInsurance Act 1973\n(the Insurance Act). APRA is responsible for the adminis\n Source: `pages/structure.html`\n- [page 1]\nGUIDELINES\nCERTIFICATION OF FUNDING PLANS BY AUDITORS\nAND ACTUARIES\nBackground\n1. A body corporate, being either:\n(a) a Medical Defence Organisation (MDO) within the meaning of the Medical\nIndemnity (Prudential Supervision and Product Standards) Act 2003 (the Act); or\n(b) a body corporate prescribed in the Medical Indemnity (Prudential Supervision\nand Product Standards) Regulations 2003 (the Regulations); or\n(c) a body corporate related to a body corporate mentioned in (a) or (b);\nmay apply to APRA, under sub\n Source: `other-pdfs/guidelines-medical_indemnity_insurance_certification-of-funding-plan_may_2003_0.pages.jsonl`\n- [page 1]\nGUIDELINES\nMATTERS TO BE INCLUDED IN A FUNDING PLAN\nBackground\n1. A body corporate, being either:\n(a) a Medical Defence Organisation (MDO) within the meaning of the Medical\nIndemnity (Prudential Supervision and Product Standards) Act 2003 (the\nAct); or\n(b) a body corporate prescribed in the Medical Indemnity (Prudential Supervision\nand Product Standards) Regulations 2003 (the Regulations); or\n(c) a body corporate related to a body corporate mentioned in (a) or (b);\nmay apply to APRA, under sub\n Source: `other-pdfs/guidelines-medical_indemnity_insurance_matters-to-be-included-in-a-funding-plan_.pages.jsonl`\n- [page 1]\nGUIDELINES\nQUALIFICATIONS AND INDEPENDENCE OF AUDITORS\nAND ACTUARIES\nBackground\n1. A body corporate, being either:\n(a) a Medical Defence Organisation (MDO) within the meaning of the Medical\nIndemnity (Prudential Supervision and Product Standards) Act 2003 (the Act); or\n(b) a body corporate prescribed in the Medical Indemnity (Prudential Supervision and\nProduct Standards) Regulations 2003 (the Regulations); or\n(c) a body corporate related to a body corporate mentioned in (a) or (b);\nmay apply to APRA, under sub\n Source: `other-pdfs/guidelines-medical_indemnity_insurance_qualifications-independence-of-auditors-a.pages.jsonl`\n\n### Public Governance, Performance and Accountability Act 2013\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 4\n**Register search**: https://www.legislation.gov.au/search?query=Public+Governance%2C+Performance+and+Accountability+Act+2013\n\n**Sources**:\n- `pages/strategies-index__09.html`\n- `strategies/APRA-20Regulator-20Performance-20Framework-20Self-assessment-202019-20.pages.jsonl`\n- `strategies/final20rpf20self-assessment200021.pages.jsonl`\n\n**Evidence contexts**:\n- pecifically acknowledges that:\n“APRA seeks to maintain open and constructive relationships with the institutions it regulates”.\nAs with other Commonwealth entities, APRA’s performance framework and governance and accountability requirements are set out in the Public Governance, Performance and Accountability Act 2013 (PGPA Act). The PGPA Act requires APRA to prepare an Annual Performance Statement (APS) to be included in its Annual Report. The APS provides an informative summary to Parliament and the public on APRA’s performance against its four-year Corporate Plan and ho\n Source: `pages/strategies-index__09.html`\n- olders to deal with specific individual experiences or interactions with a regulator.\nAUSTRALIAN PRUDENTIAL REGULATION AUTHORITY 5\n\n[page 6]\nThe Framework is one component of a broader suite of accountability structures in place\nincluding those set out in the Public Governance, Performance and Accountability Act 2013\n(PGPA Act) and APRA’s Statement of Expectations set by the Government. More information\nabout the Framework can be found at: https://www.pmc.gov.au/resource-\ncentre/regulation/regulator-performance-framework.\nEvaluating APRA’s performance against the Framewor\n Source: `strategies/APRA-20Regulator-20Performance-20Framework-20Self-assessment-202019-20.pages.jsonl`\n- APRA issued a number of\nmedia releases and news items to keep stakeholders abreast of key developments and\nregulatory actions.\nAs with other Commonwealth entities, APRA’s performance framework and governance and\naccountability requirements are set out in the Public Governance, Performance and\nAccountability Act 2013 (PGPA Act). The PGPA Act requires APRA to prepare an Annual\nPerformance Statement (APS) to be included in its Annual Report. The APS provides an\ninformative summary to Parliament and the public on APRA’s performance against its four-\nyear Corporate Plan and h\n Source: `strategies/APRA-20Regulator-20Performance-20Framework-20Self-assessment-202019-20.pages.jsonl`\n- example, the Framework does not seek to measure the performance of APRA in relation\n3 AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY\n\n[page 4]\nto the outcomes it achieves for the Australian community and the economy, which is the focus of the\nrequirements of the Public Governance, Performance and Accountability Act 2013 (PGPA Act). It is also\nexplicitly not intended to capture the process for, and outcomes of, regulatory policy making.\nIn accordance with the Framework, all regulators are to undertake an annual self-assessment of their\nperformance against each of the KPIs. Th\n Source: `strategies/final20rpf20self-assessment200021.pages.jsonl`\n\n### Financial Sector (Collection of Data) Act 2001\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 3\n**Register search**: https://www.legislation.gov.au/search?query=Financial+Sector+%28Collection+of+Data%29+Act+2001\n\n**Sources**:\n- `other-pdfs/ARS-223-RIS.pages.jsonl`\n- `strategies/Letter-to-RSE-Licensees-Response-to-Superannuation-Data-Transformation-minor-ame.pages.jsonl`\n- `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pages.jsonl`\n\n**Evidence contexts**:\n- he nature and operations of the regulated entity, its size,\ncomplexity and risk profile. Appropriate supervisory actions are taken where a\ndeterioration in financial performance or stability becomes evident.\nAPRA’s reporting framework\n6. The Financial Sector (Collection of Data) Act 2001 (FSCODA) enables APRA to collect\ninformation from the institutions it regulates. Under this Act, APRA may determine\nreporting standards that require regulated institutions to provide information about their\nbusinesses and activities. These powers assist APRA\n Source: `other-pdfs/ARS-223-RIS.pages.jsonl`\n- concerns that the profit may be misinterpreted by users of\nthe data.\nIn response, APRA has updated the reporting instructions in SRS 332.0 to make more\nexplicit that the reporting of profit utilises the powers set out under s. 13(4D) of the Financial\nSector (Collection of Data) Act 2001 (FSCODA).\nAPRA has also split the reporting of profit of related parties attributable to expenses into a\nseparate table under SRS 332.0 to retain alignment to accounting standards and address\nfeedback about the interpretation of the profit as an expense categ\n Source: `strategies/Letter-to-RSE-Licensees-Response-to-Superannuation-Data-Transformation-minor-ame.pages.jsonl`\n- ed for superannuation members. APRA\n1 $1.3 trillion at June 2011 Source: Annual superannuation bulletin statistics June 2004 to June 2019; $3.1 trillion\nat March 2021 Source: APRA Quarterly superannuation performance statistics March 2021.\n2 Financial Sector (Collection of Data) Act 2001 (FSCODA).\n3 See Appendix A: Summary of current and proposed reporting.\n\n[page 4]\nidentified the need to address gaps in the coverage and quality of the superannuation data\ncollection and commenced the Superannuation Data Transformation (SDT) project in 2019.\n Source: `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pages.jsonl`\n\n### Medical Indemnity (Prudential Supervision and Product Standards) Regulations 2003\n\n**Type**: Regulation\n**Confidence**: high\n**Mentions**: 3\n**Register search**: https://www.legislation.gov.au/search?query=Medical+Indemnity+%28Prudential+Supervision+and+Product+Standards%29+Regulations+2003\n\n**Sources**:\n- `other-pdfs/guidelines-medical_indemnity_insurance_certification-of-funding-plan_may_2003_0.pages.jsonl`\n- `other-pdfs/guidelines-medical_indemnity_insurance_matters-to-be-included-in-a-funding-plan_.pages.jsonl`\n- `other-pdfs/guidelines-medical_indemnity_insurance_qualifications-independence-of-auditors-a.pages.jsonl`\n\n**Evidence contexts**:\n- Background\n1. A body corporate, being either:\n(a) a Medical Defence Organisation (MDO) within the meaning of the Medical\nIndemnity (Prudential Supervision and Product Standards) Act 2003 (the Act); or\n(b) a body corporate prescribed in the Medical Indemnity (Prudential Supervision\nand Product Standards) Regulations 2003 (the Regulations); or\n(c) a body corporate related to a body corporate mentioned in (a) or (b);\nmay apply to APRA, under subsection 13(1) of the Act, for a determination under\nsubsection 13(3) of the Act that the minimum capital requirements1 do not apply to\n Source: `other-pdfs/guidelines-medical_indemnity_insurance_certification-of-funding-plan_may_2003_0.pages.jsonl`\n- Background\n1. A body corporate, being either:\n(a) a Medical Defence Organisation (MDO) within the meaning of the Medical\nIndemnity (Prudential Supervision and Product Standards) Act 2003 (the\nAct); or\n(b) a body corporate prescribed in the Medical Indemnity (Prudential Supervision\nand Product Standards) Regulations 2003 (the Regulations); or\n(c) a body corporate related to a body corporate mentioned in (a) or (b);\nmay apply to APRA, under subsection 13(1) of the Act, for a determination under\nsubsection 13(3) of the Act that the minimum capital requirements1 do not apply\nto\n Source: `other-pdfs/guidelines-medical_indemnity_insurance_matters-to-be-included-in-a-funding-plan_.pages.jsonl`\n- Background\n1. A body corporate, being either:\n(a) a Medical Defence Organisation (MDO) within the meaning of the Medical\nIndemnity (Prudential Supervision and Product Standards) Act 2003 (the Act); or\n(b) a body corporate prescribed in the Medical Indemnity (Prudential Supervision and\nProduct Standards) Regulations 2003 (the Regulations); or\n(c) a body corporate related to a body corporate mentioned in (a) or (b);\nmay apply to APRA, under subsection 13(1) of the Act, for a determination under\nsubsection 13(3) of the Act that the minimum capital requirements1 do not apply to\n Source: `other-pdfs/guidelines-medical_indemnity_insurance_qualifications-independence-of-auditors-a.pages.jsonl`\n\n### Outcomes in Superannuation) Act 2019\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 3\n**Register search**: https://www.legislation.gov.au/search?query=Outcomes+in+Superannuation%29+Act+2019\n\n**Sources**:\n- `pages/inquiries-index.html`\n- `pages/inquiries-index__18.html`\n- `pages/royal-commissions-index__16.html`\n\n**Evidence contexts**:\n- tline its expectations for APRA on superannuation in its next Statement of Expectations.\nAPRA’s response\nAPRA supports its member outcomes mandate being clear. This was recently achieved through the Treasury Laws Amendment (Improving Accountability and member Outcomes in Superannuation) Act 2019. APRA supports the Government further clarifying its expectations through the Statement of Expectations.\nRecommendation 6.1: A more forceful supervision and enforcement approach is needed\nThe Panel supports the direction of APRA Enforcement Strategy Review. T\n Source: `pages/inquiries-index.html`\n- tline its expectations for APRA on superannuation in its next Statement of Expectations.\nAPRA’s response\nAPRA supports its member outcomes mandate being clear. This was recently achieved through the Treasury Laws Amendment (Improving Accountability and member Outcomes in Superannuation) Act 2019. APRA supports the Government further clarifying its expectations through the Statement of Expectations.\nRecommendation 6.1: A more forceful supervision and enforcement approach is needed\nThe Panel supports the direction of APRA Enforcement Strategy Review. T\n Source: `pages/inquiries-index__18.html`\n- tline its expectations for APRA on superannuation in its next Statement of Expectations.\nAPRA’s response\nAPRA supports its member outcomes mandate being clear. This was recently achieved through the Treasury Laws Amendment (Improving Accountability and member Outcomes in Superannuation) Act 2019. APRA supports the Government further clarifying its expectations through the Statement of Expectations.\nRecommendation 6.1: A more forceful supervision and enforcement approach is needed\nThe Panel supports the direction of APRA Enforcement Strategy Review. T\n Source: `pages/royal-commissions-index__16.html`\n\n### Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation) Act 2019\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 3\n**Register search**: https://www.legislation.gov.au/search?query=Treasury+Laws+Amendment+%28Improving+Accountability+and+Member+Outcomes+in+Superannuation%29+Act+2019\n\n**Sources**:\n- `pages/inquiries-index.html`\n- `pages/inquiries-index__18.html`\n- `pages/royal-commissions-index__16.html`\n\n**Evidence contexts**:\n- tcomes; and\nd) increase the resourcing dedicated to the superannuation industry.\nAPRA’s response\nAPRA supports this recommendation. APRA will build on its work in recent years which was provided further impetus with the passing of the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation) Act 2019.\nAPRA’s work on performance benchmarking and data collection will be a priority, and should be aligned with other initiatives that require legislation (such as choice product dashboards).\nAPRA’s program of work to review its supervisory model, initiated under\n Source: `pages/inquiries-index.html`\n- tcomes; and\nd) increase the resourcing dedicated to the superannuation industry.\nAPRA’s response\nAPRA supports this recommendation. APRA will build on its work in recent years which was provided further impetus with the passing of the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation) Act 2019.\nAPRA’s work on performance benchmarking and data collection will be a priority, and should be aligned with other initiatives that require legislation (such as choice product dashboards).\nAPRA’s program of work to review its supervisory model, initiated under\n Source: `pages/inquiries-index__18.html`\n- tcomes; and\nd) increase the resourcing dedicated to the superannuation industry.\nAPRA’s response\nAPRA supports this recommendation. APRA will build on its work in recent years which was provided further impetus with the passing of the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation) Act 2019.\nAPRA’s work on performance benchmarking and data collection will be a priority, and should be aligned with other initiatives that require legislation (such as choice product dashboards).\nAPRA’s program of work to review its supervisory model, initiated under\n Source: `pages/royal-commissions-index__16.html`\n\n### Treasury Laws Amendment (Your Future Your Super) Act 2021\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 3\n**Register search**: https://www.legislation.gov.au/search?query=Treasury+Laws+Amendment+%28Your+Future+Your+Super%29+Act+2021\n\n**Sources**:\n- `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pages.jsonl`\n\n**Evidence contexts**:\n- exists with\nrespect to RSE licensee operations and performance due to a lack of consistent and\ncomparable data for regulators, superannuation members and other stakeholders.\nThe legislative amendments introduced under the Government’s Treasury Laws Amendment\n(Your Future Your Super) Act 2021 (the YFYS Act) have made it imperative to collect\nsufficiently granular, comparable and consistent data on the elements that drive member\noutcomes.\nThe performance test introduced as part of the YFYS Act creates an obligation for APRA to\ncalculate a performan\n Source: `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pages.jsonl`\n- rustee will\nalso be subject to annual performance tests.35\nUnder the staged implementation approach in option 4, RSE licensees would submit data for\nMySuper products on 30 September 2021 and data for trustee-directed products on 28\n34 Treasury Laws Amendment (Your Future, Your Super) Act 2021.\n35 https://treasury.gov.au/sites/default/files/2020-10/p2020super.docx\n\n[page 27]\nOctober 2021. Submission of data for all other investment options would be deferred until 28\nJuly 2022.\nImplementation\n• APRA will give effect to the proposed reporting require\n Source: `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pages.jsonl`\n- ntial reductions in premiums\nfrom identifying inappropriate cover which RSE licensees could address through either\nremoving or redesigning default cover:\n37 Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019.\n38 Treasury Laws Amendment (Your Future, Your Super) Act 2021.\n\n[page 46]\n• Just an 0.62 per cent decrease in total industry premiums which are not in the best\nfinancial interests of members would deliver an annual saving to members which\nwould offset the total regulatory costs of $52 million per annum.\n• Just an 0.15 p\n Source: `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pages.jsonl`\n\n### Superannuation Industry (Supervision) Regulations 1994\n\n**Type**: Regulation\n**Confidence**: medium\n**Mentions**: 2\n**Register search**: https://www.legislation.gov.au/search?query=Superannuation+Industry+%28Supervision%29+Regulations+1994\n\n**Sources**:\n- `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pages.jsonl`\n\n**Evidence contexts**:\n- lling to respond appropriately have been\nexpected to seriously consider whether restructuring or exiting the industry is in their\nmembers’ best interests.\n17 Trustee-directed products has the meaning given by subregulation 9AB.2(2) of Superannuation Industry\n(Supervision) Regulations 1994.\n18 https://treasury.gov.au/sites/default/files/2020-10/p2020super.docx\n19 SPS_515_strategic_planning_and_member_outcomes_december_2018.pdf (apra.gov.au)\n\n[page 9]\nIncreased transparency leads to improvements in outcomes for members by putting\npressure on RSE\n Source: `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pages.jsonl`\n- has also provided MySuper data to the Australian Tax Office (‘ATO’) for inclusion in the\nYourSuper comparison tool (‘comparison tool’), empowering members to choose a well-\nperforming product that meets their needs.\n20 Schedule 2A of Superannuation Industry (Supervision) Regulations 1994, Subsection 60E(2) of\nSuperannuation Industry (Supervision) Act\n\n[page 10]\nAn example of benefits from transparency on product performance can be seen in the\nbenefits realised between the release of the first MySuper product heatmap in December\n2019 and the u\n Source: `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pages.jsonl`\n\n### Australian Prudential Regulation Authority Act 1998\n\n**Type**: Act\n**Confidence**: medium\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Australian+Prudential+Regulation+Authority+Act+1998\n\n**Sources**:\n- `pages/strategies-index__04.html`\n\n**Evidence contexts**:\n- A will determine such requests, if any, in accordance with the provisions of the FOIA. Information in the submission about any APRA-regulated entity that is not in the public domain and that is identified as confidential will be protected by section 56 of the Australian Prudential Regulation Authority Act 1998 and will therefore be exempt from production under the FOIA.\nSubscribe for updates\nTo receive media releases, publications, speeches and other industry-related information by email\nSubscribe\n Source: `pages/strategies-index__04.html`\n\n### Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019\n\n**Type**: Act\n**Confidence**: medium\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Treasury+Laws+Amendment+%28Protecting+Your+Superannuation+Package%29+Act+2019\n\n**Sources**:\n- `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pages.jsonl`\n\n**Evidence contexts**:\n- e premiums cannot\nbe looked at in isolation, comparable data would enable potential reductions in premiums\nfrom identifying inappropriate cover which RSE licensees could address through either\nremoving or redesigning default cover:\n37 Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019.\n38 Treasury Laws Amendment (Your Future, Your Super) Act 2021.\n\n[page 46]\n• Just an 0.62 per cent decrease in total industry premiums which are not in the best\nfinancial interests of members would deliver an annual saving to members which\nwould offset the to\n Source: `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pages.jsonl`\n\n### Treasury Laws Amendment (Putting Members’ Interests First) Act 2019\n\n**Type**: Act\n**Confidence**: medium\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Treasury+Laws+Amendment+%28Putting+Members%E2%80%99+Interests+First%29+Act+2019\n\n**Sources**:\n- `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pages.jsonl`\n\n**Evidence contexts**:\n- blished online, 2018, p 576.\n8 Capability review of APRA, 2019, recommendation 5.2 p 109.\n9 Productivity Commission, Superannuation: Assessing Efficiency and Competitiveness, Inquiry Report,\npublished online, 2018, pp 19, 363, 396.\n10 Treasury Laws Amendment (Putting Members’ Interests First) Act 2019.\n\n[page 6]\nidentifying other member cohorts which may be receiving poor outcomes due to insurance\nimpacts.\nAPRA’s existing superannuation data collection does not provide the depth and breadth of\ndata needed to adequately assess all aspects of the industry’s\n Source: `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pages.jsonl`\n\n### Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018\n\n**Type**: Act\n**Confidence**: low\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Financial+Sector+Legislation+Amendment+%28Crisis+Resolution+Powers+and+Other+Measures%29+Act+2018\n\n**Sources**:\n- `strategies/apra_regulator_performance_framework_self-assessment_2017-18.pages.jsonl`\n\n**Evidence contexts**:\n- ut the year designed to strengthen the prudential\nframework, including the new Banking Executive Accountability Regime\n(BEAR) and various reforms in superannuation.\nAPRA also worked closely with Treasury to progress the Financial Sector\nLegislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018\nto strengthen APRA’s crisis management powers which are critical to its ability\nto plan for, and act promptly to effectively deal with, failures and crises in a\nmanner that protects beneficiaries and promotes financial system stability.\nDuring 2017/18, APRA p\n Source: `strategies/apra_regulator_performance_framework_self-assessment_2017-18.pages.jsonl`\n\n### Freedom of Information Act 1982\n\n**Type**: Act\n**Confidence**: low\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Freedom+of+Information+Act+1982\n\n**Sources**:\n- `pages/strategies-index__04.html`\n\n**Evidence contexts**:\n- mail does not satisfy this purpose. If you would like only part of your submission to be confidential, you should provide this information marked as 'confidential' in a separate attachment.\nSubmissions may be the subject of a request for access made under the Freedom of Information Act 1982 (FOIA). APRA will determine such requests, if any, in accordance with the provisions of the FOIA. Information in the submission about any APRA-regulated entity that is not in the public domain and that is identified as confidential will be protected by sectio\n Source: `pages/strategies-index__04.html`\n\n### Governance, Performance and Accountability Act 2013\n\n**Type**: Act\n**Confidence**: low\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Governance%2C+Performance+and+Accountability+Act+2013\n\n**Sources**:\n- `strategies/apra_regulator_performance_framework_self-assessment_2017-18.pages.jsonl`\n\n**Evidence contexts**:\n- number of methods including publications, reporting,\nspeeches and appearances before Parliament.\nPerformance As with other Commonwealth entities, APRA’s performance framework\nand governance and accountability requirements are set out in the Public\nmeasurement\nGovernance, Performance and Accountability Act 2013 (PGPA Act). The PGPA\n& reporting\nAct requires APRA to prepare an Annual Performance Statement, to be\nincluded in its Annual Report to Parliament, to report on performance against\nits rolling four-year Corporate Plan. In doing so, APRA draws on a range of\nindi\n Source: `strategies/apra_regulator_performance_framework_self-assessment_2017-18.pages.jsonl`\n\n### Government and the Public Governance, Performance and Accountability Act 2013\n\n**Type**: Act\n**Confidence**: low\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Government+and+the+Public+Governance%2C+Performance+and+Accountability+Act+2013\n\n**Sources**:\n- `pages/strategies-index__09.html`\n\n**Evidence contexts**:\n- e and objective and if the areas identified for further improvement are appropriate or justified\n2\n.\nThe Framework is one component of a broader suite of accountability structures in place including those set out in APRA’s Statement of Expectations set by the Government and the Public Governance, Performance and Accountability Act 2013 (PGPA Act). To this end, APRA’s self-assessment against the Framework complements a range of performance reporting mechanisms in place. More information about the Framework can be found at: www.cuttingredtape.gov.au/resources/rpf.\nEvaluating APRA’s performanc\n Source: `pages/strategies-index__09.html`\n\n### Public Governance, Accountability and Performance Act 2013\n\n**Type**: Act\n**Confidence**: low\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Public+Governance%2C+Accountability+and+Performance+Act+2013\n\n**Sources**:\n- `strategies/RPF-self-assessment-report-2016_17.pages.jsonl`\n\n**Evidence contexts**:\n- with professional and industry\nassociations is held with each industry sector that\nAPRA regulates. APRA also engages with other\ngovernment and other regulatory agencies, media\nand the general public and provides access to\nconsiderable material on its website.\nThe Public Governance, Accountability and\nPerformance Act 2013 (PGPA Act) establishes\nuniform governance and accountability\nrequirements and a performance framework\nfor all Commonwealth Government entities,\nincluding APRA. Under the PGPA Act, APRA\npublishes accountability requirements each\nyear in its Annual Report, incl\n Source: `strategies/RPF-self-assessment-report-2016_17.pages.jsonl`\n\n### Superannuation Industry (Supervision) Act 1993\n\n**Type**: Act\n**Confidence**: low\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Superannuation+Industry+%28Supervision%29+Act+1993\n\n**Sources**:\n- `pages/strategies-index__05.html`\n\n**Evidence contexts**:\n- by RSE licensees to cover potential non indemnifiable liabilities, including for example, to pay fines and penalties which may be levied on the trustee or its directors as ‘Trustee Risk Reserves’. Following legislative changes to the Superannuation Industry (Supervision) Act 1993 (Cth), that came into effect from 1 January 2022 onwards, RSE licensees are not permitted to use RSE / fund assets to pay such fines or penalties. Reference: Section 56 and 57 of the SIS Act.\nAPRA expects that where an RSE licensee maintains such a reserve, t\n Source: `pages/strategies-index__05.html`\n\n### Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012\n\n**Type**: Act\n**Confidence**: low\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Superannuation+Legislation+Amendment+%28MySuper+Core+Provisions%29+Act+2012\n\n**Sources**:\n- `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pages.jsonl`\n\n**Evidence contexts**:\n- membership of the fund.\nA lack of comparable and sufficiently granular data prevents APRA and other stakeholders\nfrom benchmarking RSE licensees and identifying potential areas of concern which impact\nmember outcomes.\n14 Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012, Division 5 – Fee rules for\nMySuper products.\n15 Stronger Super was the government’s response to reforms arising from the Review into the governance,\nefficiency, structure and operation of Australia’s superannuation system (Super System Review).\n16 Under the\n Source: `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pages.jsonl`\n\n### Under the Insurance Act 1973\n\n**Type**: Act\n**Confidence**: low\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Under+the+Insurance+Act+1973\n\n**Sources**:\n- `pages/structure.html`\n\n**Evidence contexts**:\n- Medical defence organisations | APRA\n\nMedical defence organisations\nUnder the\nInsurance Act 1973\nAPRA regulates the medical indemnity insurers that are subsidiaries of MDOs.\nThe\nMedical Indemnity (Prudential Supervision and Product Standards) Act 2003\n(the Medical Indemnity Act), commencing on 1 July 2003, prohibits institutions from providing medical in\n Source: `pages/structure.html`\n\n## Files Scanned\n\n- `pages/about.html` (page)\n- `pages/announcements-index.html` (page)\n- `pages/announcements-index__26.html` (page)\n- `pages/announcements-index__27.html` (page)\n- `pages/announcements-index__28.html` (page)\n- `pages/announcements-index__29.html` (page)\n- `pages/contact.html` (page)\n- `pages/homepage.html` (page)\n- `pages/inquiries-index.html` (page)\n- `pages/inquiries-index__18.html` (page)\n- `pages/media-releases-index.html` (page)\n- `pages/media-releases-index__19.html` (page)\n- `pages/media-releases-index__20.html` (page)\n- `pages/media-releases-index__21.html` (page)\n- `pages/media-releases-index__22.html` (page)\n- `pages/media-releases-index__23.html` (page)\n- `pages/media-releases-index__24.html` (page)\n- `pages/media-releases-index__25.html` (page)\n- `pages/news-latest.html` (page)\n- `pages/priorities-index.html` (page)\n- `pages/publications-index.html` (page)\n- `pages/royal-commissions-index.html` (page)\n- `pages/royal-commissions-index__14.html` (page)\n- `pages/royal-commissions-index__15.html` (page)\n- `pages/royal-commissions-index__16.html` (page)\n- `pages/royal-commissions-index__17.html` (page)\n- `pages/strategies-index.html` (page)\n- `pages/strategies-index__00.html` (page)\n- `pages/strategies-index__01.html` (page)\n- `pages/strategies-index__02.html` (page)\n- `pages/strategies-index__03.html` (page)\n- `pages/strategies-index__04.html` (page)\n- `pages/strategies-index__05.html` (page)\n- `pages/strategies-index__06.html` (page)\n- `pages/strategies-index__07.html` (page)\n- `pages/strategies-index__08.html` (page)\n- `pages/strategies-index__09.html` (page)\n- `pages/strategies-index__10.html` (page)\n- `pages/strategies-index__11.html` (page)\n- `pages/strategies-index__12.html` (page)\n- `pages/strategies-index__13.html` (page)\n- `pages/structure.html` (page)\n- `other-pdfs/ARS-223-RIS.pages.jsonl` (pdf_pages)\n- `other-pdfs/guidelines-medical_indemnity_insurance_certification-of-funding-plan_may_2003_0.pages.jsonl` (pdf_pages)\n- `other-pdfs/guidelines-medical_indemnity_insurance_matters-to-be-included-in-a-funding-plan_.pages.jsonl` (pdf_pages)\n- `other-pdfs/guidelines-medical_indemnity_insurance_qualifications-independence-of-auditors-a.pages.jsonl` (pdf_pages)\n- `other-pdfs/ris_operational_risk_information_security.pages.jsonl` (pdf_pages)\n- `reviews/apras_response_to_the_royal_commission_recommendations_-august_update.pages.jsonl` (pdf_pages)\n- `strategies/APRA-20Regulator-20Performance-20Framework-20Self-assessment-202019-20.pages.jsonl` (pdf_pages)\n- `strategies/apra_regulator_performance_framework_self-assessment_2017-18.pages.jsonl` (pdf_pages)\n- `strategies/final20rpf20self-assessment200021.pages.jsonl` (pdf_pages)\n- `strategies/Letter-to-RSE-Licensees-Response-to-Superannuation-Data-Transformation-minor-ame.pages.jsonl` (pdf_pages)\n- `strategies/Regulation-2520Impact-2520Analysis-2520of-2520Revisions-2520to-2520the-2520Large.pages.jsonl` (pdf_pages)\n- `strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pages.jsonl` (pdf_pages)\n- `strategies/RPF-self-assessment-report-2016_17.pages.jsonl` (pdf_pages)\n- `strategies/Securitisation-RIS_0.pages.jsonl` (pdf_pages)", "global_initiatives_md": "# Global Ideas Input - Australian Prudential Regulation Authority\n\nUse the source text files in this folder to produce implementable ideas for Australia.\n\nFor each idea, separate:\n- large structural reforms\n- small/cheap operational changes\n- overseas case-study evidence\n- university/research support\n- consulting/association trend support\n- implementation steps in the Australian context\n- risks, prerequisites, and likely owner\n\n## Sources\n\n- [association] World Bank Governance Global Practice - https://www.worldbank.org/en/topic/governance - `source-text/association-worldbank.org-governance.txt`\n- [consulting] Deloitte Government and Public Services - https://www.deloitte.com/global/en/Industries/government-public.html - `source-text/consulting-deloitte.com-government-public.txt`\n- [university] Harvard Kennedy School Ash Center - https://ash.harvard.edu/ - `source-text/university-ash.harvard.edu-Harvard-Kennedy-School-Ash-Center.txt`\n- [association] World Bank Public Financial Management - https://www.worldbank.org/en/topic/governance/brief/public-financial-management - `source-text/association-worldbank.org-public-financial-management.txt`", "strategy": { "reporting_period": "2019-20", "corporate_plan_period": "2020-24", "vision": null, "vision_source_page": null, "purposes": null, "purposes_source_page": null, "how_we_deliver": null, "how_we_deliver_source_page": null, "government_priorities": [], "outcomes": [ { "name": "Outcome 1: Regulators do not unnecessarily impede the efficient operation of regulated entities", "description": "Regulators demonstrate an understanding of the operating environment of the industry or organisation, or the circumstances of individuals and the current and emerging issues that affect the sector. Regulators take actions to minimise the potential for unintended negative impacts of regulatory activities on regulated entities or affected supplier industries and supply chains. Regulators implement continuous improvement strategies to reduce the costs of compliance for those they regulate.", "key_activities": [ "APRA publications address current and emerging issues or developments in the financial sector.", "APRA releases updated prudential standards, prudential practice guides and reporting standards.", "APRA received applications for regulatory relief from financial institutions related to COVID-19." ], "source_page": 12 }, { "name": "Outcome 2: Communication with regulated entities is clear, targeted and effective", "description": "Regulators provide guidance and information that is up to date, clear, accessible and concise through media appropriate to the target audience. Regulators consider the impact on regulated entities and engage with industry groups and representatives of the affected stakeholders before changing policies, practices or service standards. Regulators’ decisions and advice are provided in a timely manner, clearly articulating expectations and the underlying reasons for decisions. Regulators’ advice is consistent and supports predictable outcomes.", "key_activities": [ "APRA published media releases and information papers on key prudential activities and decisions.", "APRA engaged with stakeholders before changing regulatory policies, practices or service standards.", "APRA’s website includes a comprehensive suite of prudential standards and guidance." ], "source_page": 15 }, { "name": "Outcome 3: Actions undertaken by regulators are proportionate to the regulatory risk being managed", "description": "Regulators apply a risk-based, proportionate approach to compliance obligations, engagement and regulatory enforcement actions. Regulators’ preferred approach to regulatory risk is regularly reassessed. Strategies, activities and enforcement actions are amended to reflect changing priorities that result from new and evolving regulatory threats, without diminishing regulatory certainty or impact. Regulators recognise the compliance record of regulated entities, including using earned autonomy where this is appropriate. All available and relevant data on compliance, including evidence of relevant external verification is considered.", "key_activities": [ "APRA took a risk-based approach to identifying and assessing areas of greatest risk to regulated entities in meeting their obligations to beneficiaries; and to financial stability in Australia.", "APRA’s supervisory approach was refreshed.", "APRA published updated plans on its supervision and policy priorities for the year ahead." ], "source_page": 19 }, { "name": "Outcome 4: Compliance and monitoring approaches are streamlined and coordinated", "description": "Regulators’ information requests are tailored and only made when necessary to secure regulatory objectives, and only then in a way that minimises impact. Regulators’ frequency of information collection is minimised and coordinated with similar processes including those of other regulators so that, as far as possible, information is only requested once. Regulators utilise existing information to limit the reliance on requests from regulated entities and share the information among other regulators, where possible. Regulators base monitoring and inspection approaches on risk and, where possible, take into account the circumstance and operational needs of the regulated entity.", "key_activities": [ "APRA strengthened working relationships and coordination with other regulatory agencies.", "APRA developed a data strategy to facilitate greater and more effective use and sharing of data in the oversight of the Australian financial system.", "APRA implemented a new enterprise data warehouse that holds collected data across all regulated industries." ], "source_page": 22 }, { "name": "Outcome 5: Regulators are open and transparent in their dealing with regulated entities", "description": "Regulators’ risk-based frameworks are publicly available in a format which is clear, understandable and accessible. Regulators are open and responsive to requests from regulated entities regarding the operation of the regulatory framework, and approaches implemented by regulators. Regulators’ performance measurement results are published in a timely manner to ensure accountability to the public.", "key_activities": [ "APRA published its supervisory and enforcement approaches on its external website.", "APRA engaged with stakeholders.", "APRA responded to enquiries from regulated entities." ], "source_page": 25 }, { "name": "Outcome 6: Regulators actively contribute to the continuous improvement of regulatory frameworks", "description": "Regulators establish cooperative and collaborative relationships with stakeholders to promote trust and improve the efficiency and effectiveness of the regulatory framework. Regulators engage stakeholders in the development of options to reduce compliance costs. This could include industry self-regulation, changes to the overarching regulatory framework, or other strategies to streamline monitoring and compliance approaches. Regulators regularly share feedback from stakeholders and performance information (including from inspections) with policy departments to improve the operation of the regulatory framework and administrative processes.", "key_activities": [ "APRA engaged with domestic and international peer agencies.", "APRA broadened its stakeholder engagement mechanisms by instituting new approaches to policy consultations such as webinars and workshops with industry representatives.", "APRA maintained its commitment to receiving regular feedback from key stakeholders to inform improvements to regulatory frameworks and practices." ], "source_page": 28 } ], "values": [ "openness", "transparency", "collaboration", "continuous improvement" ], "values_framework_name": null, "kpi_targets_2025_26": [ { "code": "CCE01", "measure": "Compliance and monitoring approaches are streamlined and coordinated", "target": "Stability or improvement", "source_page": 34 }, { "code": "CCE02", "measure": "Regulators are open and transparent in their dealing with regulated entities", "target": "Stability or improvement", "source_page": 34 }, { "code": "CCE03", "measure": "Regulators actively contribute to the continuous improvement of regulatory frameworks", "target": "Stability or improvement", "source_page": 34 } ], "kpi_results_2024_25": [ { "code": "CCE01", "measure": "Compliance and monitoring approaches are streamlined and coordinated", "result": "Target met", "status": "Achieved", "source_page": 34 }, { "code": "CCE02", "measure": "Regulators are open and transparent in their dealing with regulated entities", "result": "Target met", "status": "Achieved", "source_page": 34 }, { "code": "CCE03", "measure": "Regulators actively contribute to the continuous improvement of regulatory frameworks", "result": "Target met", "status": "Achieved", "source_page": 34 } ], "_source_urls": { "annual_report_url": "https://www.apra.gov.au/sites/default/files/2025-10/APRA%20Annual%20Report%202024-25.pdf", "corporate_plan_url": "" } }, "ideas": [ { "entity_id": "O-000931", "entity_name": "Australian Prudential Regulation Authority", "folder_name": "Australian-Prudential-Regulation-Authority", "category": "Regulation & Policy", "scale": "small", "title": "Regulatory burden scan for forms, guidance, and reporting", "idea": "Identify the top 10 highest-friction reporting obligations and simplify guidance, forms, or evidence requirements.", "quote": "[Page 3]\nSUPPORTING EVIDENCE KPI2\nCONTENTS\nIntroduction 2\nThe Reporting Framework:\nMeasures of good regulatory performance 2\nEvaluating APRA's performance 4\nSelf-assessment 4\nExternal validation 4\nGeneral stakeholder validation feedback 5\nKPI 1 Regulators do not unnecessarily impede the efficient operation of\nregulated entities 6\nKPI 2 Communication with regulated entities is clear, targeted\nand effective 12\nKPI 3 Actions undertaken by regulators are proportionate to the\nregulatory risk being managed 17\nKPI 4 Compliance and monitoring approaches are streamlined\nand coordinated 21\nKPI 5 Regulators are open and transparent in their dealings with\nregulated entities 26\nKPI 6 Regulators actively contribute to the continuous improvement of\nregulatory frameworks 31\nAUSTRALIAN PRUDENTIAL REGULATION AUTHORITY 1", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Regulated entities / policy teams", "source": "strategies/apra_regulator_performance_framework_self-assessment_2017-18.pdf (https://www.apra.gov.au/sites/default/files/apra_regulator_performance_framework_self-assessment_2017-18.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Regulatory capture", "Over-automation of judgement" ] }, { "entity_id": "O-000931", "entity_name": "Australian Prudential Regulation Authority", "folder_name": "Australian-Prudential-Regulation-Authority", "category": "Regulation & Policy", "scale": "large", "title": "Adaptive regulation program with live feedback loops", "idea": "Create an adaptive regulation model using sandboxes, industry data, risk scoring, and regular rule updates.", "quote": "[Page 3]\nSUPPORTING EVIDENCE KPI2\nCONTENTS\nIntroduction 2\nThe Reporting Framework:\nMeasures of good regulatory performance 2\nEvaluating APRA's performance 4\nSelf-assessment 4\nExternal validation 4\nGeneral stakeholder validation feedback 5\nKPI 1 Regulators do not unnecessarily impede the efficient operation of\nregulated entities 6\nKPI 2 Communication with regulated entities is clear, targeted\nand effective 12\nKPI 3 Actions undertaken by regulators are proportionate to the\nregulatory risk being managed 17\nKPI 4 Compliance and monitoring approaches are streamlined\nand coordinated 21\nKPI 5 Regulators are open and transparent in their dealings with\nregulated entities 26\nKPI 6 Regulators actively contribute to the continuous improvement of\nregulatory frameworks 31\nAUSTRALIAN PRUDENTIAL REGULATION AUTHORITY 1", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Regulated entities / policy teams", "source": "strategies/apra_regulator_performance_framework_self-assessment_2017-18.pdf (https://www.apra.gov.au/sites/default/files/apra_regulator_performance_framework_self-assessment_2017-18.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Regulatory capture", "Over-automation of judgement" ] }, { "entity_id": "O-000931", "entity_name": "Australian Prudential Regulation Authority", "folder_name": "Australian-Prudential-Regulation-Authority", "category": "Data & Performance", "scale": "small", "title": "KPI evidence register with named owners", "idea": "Create a simple register mapping each KPI to source data, owner, frequency, target, and last result.", "quote": "[Page 3]\nContents\nIntroduction 5\nThe Framework: Measures of good regulatory performance 5\nEvaluating APRA’s performance against the Framework 6\nOverall self-assessment 7\nGeneral stakeholder feedback 11\nKPI 1 - Regulators do not unnecessarily impede the efficient operation of regulated\nentities 12\nMeasures of good regulatory performance 12\nAPRA’s self-assessment against KPI 1 12\nSupporting evidence for KPI 1 13\nExternal stakeholder validation 14\nKPI 2 - Communication with regulated entities is clear, targeted and effective 15\nMeasures of good regulatory performance 15\nAPRA’s self-assessment against KPI 2 15\nSupporting evidence for KPI 2 16\nExternal stakeholder validation 18\nKPI 3 - Actions undertaken by regulators are proportionate to the regulatory risk being\nmanaged 19\nMeasures of good regulatory performance 19\nAPRA’s self-assessment against KPI 3 19\nSupporting evidence for KPI 3 20", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Executives / Parliament / public", "source": "strategies/APRA-20Regulator-20Performance-20Framework-20Self-assessment-202019-20.pdf (https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability" ] }, { "entity_id": "O-000931", "entity_name": "Australian Prudential Regulation Authority", "folder_name": "Australian-Prudential-Regulation-Authority", "category": "Data & Performance", "scale": "large", "title": "Outcome dashboard linking budget, delivery, and public impact", "idea": "Build a public-facing outcome dashboard showing spend, outputs, outcomes, and delivery confidence.", "quote": "[Page 3]\nContents\nIntroduction 5\nThe Framework: Measures of good regulatory performance 5\nEvaluating APRA’s performance against the Framework 6\nOverall self-assessment 7\nGeneral stakeholder feedback 11\nKPI 1 - Regulators do not unnecessarily impede the efficient operation of regulated\nentities 12\nMeasures of good regulatory performance 12\nAPRA’s self-assessment against KPI 1 12\nSupporting evidence for KPI 1 13\nExternal stakeholder validation 14\nKPI 2 - Communication with regulated entities is clear, targeted and effective 15\nMeasures of good regulatory performance 15\nAPRA’s self-assessment against KPI 2 15\nSupporting evidence for KPI 2 16\nExternal stakeholder validation 18\nKPI 3 - Actions undertaken by regulators are proportionate to the regulatory risk being\nmanaged 19\nMeasures of good regulatory performance 19\nAPRA’s self-assessment against KPI 3 19\nSupporting evidence for KPI 3 20", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Executives / Parliament / public", "source": "strategies/APRA-20Regulator-20Performance-20Framework-20Self-assessment-202019-20.pdf (https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability" ] }, { "entity_id": "O-000931", "entity_name": "Australian Prudential Regulation Authority", "folder_name": "Australian-Prudential-Regulation-Authority", "category": "Risk & Assurance", "scale": "small", "title": "Recommendation tracker for audits, reviews, and inquiries", "idea": "Publish a single internal tracker for audit/review recommendations, owners, due dates, and implementation evidence.", "quote": "KPI 3: Actions undertaken by regulators are proportionate to the regulatory risk being managed\nSelf-assessment KPI achieved\nPerformance Throughout 2019/20, APRA continued to take a risk-based approach to\nsummary identifying and assessing areas of greatest risk to regulated entities in\nmeeting their obligations to beneficiaries; and to financial stability in\nAustralia, and directing its resources to address those risks particularly in\nrespect to the COVID-19 pandemic and economic contraction.", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Executives / assurance teams", "source": "strategies/APRA-20Regulator-20Performance-20Framework-20Self-assessment-202019-20.pdf (https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Regulatory capture", "Over-automation of judgement" ] }, { "entity_id": "O-000931", "entity_name": "Australian Prudential Regulation Authority", "folder_name": "Australian-Prudential-Regulation-Authority", "category": "Risk & Assurance", "scale": "large", "title": "Integrated assurance and lessons-learned system", "idea": "Create an assurance system that connects audit findings, risk registers, delivery reviews, and investment decisions.", "quote": "KPI 3: Actions undertaken by regulators are proportionate to the regulatory risk being managed\nSelf-assessment KPI achieved\nPerformance Throughout 2019/20, APRA continued to take a risk-based approach to\nsummary identifying and assessing areas of greatest risk to regulated entities in\nmeeting their obligations to beneficiaries; and to financial stability in\nAustralia, and directing its resources to address those risks particularly in\nrespect to the COVID-19 pandemic and economic contraction.", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Executives / assurance teams", "source": "strategies/APRA-20Regulator-20Performance-20Framework-20Self-assessment-202019-20.pdf (https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Regulatory capture", "Over-automation of judgement" ] }, { "entity_id": "O-000931", "entity_name": "Australian Prudential Regulation Authority", "folder_name": "Australian-Prudential-Regulation-Authority", "category": "Citizen Participation", "scale": "small", "title": "Consultation feedback summaries with response tracking", "idea": "Summarise consultation submissions by theme and publish what changed in response.", "quote": "[Page 9]\nkey Performance\nIndicator 2\ncommunication with regulated entities is clear, targeted\nand effective\nPerformance metrics\n2.1 APRA publishes up-to-date guidance on its framework, processes and activities on its\nexternal website\n2.2 Timely communication on key developments or consultations are delivered electronically to all\nrelevant APRA contacts and those stakeholders that register for notifications on APRA’s website\n2.3 Development of standards includes a consultation process consistent with the Office of Best\nPractice principles including preparing Regulation Impact Statements, public release of\nstakeholder submissions and a response to submissions\n2.4 Feedback collected and publicly reported from biennial stakeholder survey\nAPRA’s assessment\nAPRA’s assessment of its communication with regulated entities for KPI 2 is broadly based on", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Citizens / stakeholders / policy teams", "source": "strategies/final20rpf20self-assessment200021.pdf (https://www.apra.gov.au/sites/default/files/final20rpf20self-assessment200021.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Digital exclusion", "Low public trust if feedback is not acted on" ] }, { "entity_id": "O-000931", "entity_name": "Australian Prudential Regulation Authority", "folder_name": "Australian-Prudential-Regulation-Authority", "category": "Citizen Participation", "scale": "large", "title": "Always-on policy participation platform", "idea": "Create a standing participation platform where citizens and stakeholders can propose, vote, and track ideas.", "quote": "[Page 9]\nkey Performance\nIndicator 2\ncommunication with regulated entities is clear, targeted\nand effective\nPerformance metrics\n2.1 APRA publishes up-to-date guidance on its framework, processes and activities on its\nexternal website\n2.2 Timely communication on key developments or consultations are delivered electronically to all\nrelevant APRA contacts and those stakeholders that register for notifications on APRA’s website\n2.3 Development of standards includes a consultation process consistent with the Office of Best\nPractice principles including preparing Regulation Impact Statements, public release of\nstakeholder submissions and a response to submissions\n2.4 Feedback collected and publicly reported from biennial stakeholder survey\nAPRA’s assessment\nAPRA’s assessment of its communication with regulated entities for KPI 2 is broadly based on", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Citizens / stakeholders / policy teams", "source": "strategies/final20rpf20self-assessment200021.pdf (https://www.apra.gov.au/sites/default/files/final20rpf20self-assessment200021.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Digital exclusion", "Low public trust if feedback is not acted on" ] }, { "entity_id": "O-000931", "entity_name": "Australian Prudential Regulation Authority", "folder_name": "Australian-Prudential-Regulation-Authority", "category": "Case Processing", "scale": "small", "title": "Triage queue for stuck or ageing cases", "idea": "Use existing case data to flag ageing, duplicate, incomplete, or high-risk cases for earlier intervention.", "quote": "[Page 3]\nContents\nIntroduction 5\nThe Framework: Measures of good regulatory performance 5\nEvaluating APRA’s performance against the Framework 6\nOverall self-assessment 7\nGeneral stakeholder feedback 11\nKPI 1 - Regulators do not unnecessarily impede the efficient operation of regulated\nentities 12\nMeasures of good regulatory performance 12\nAPRA’s self-assessment against KPI 1 12\nSupporting evidence for KPI 1 13\nExternal stakeholder validation 14\nKPI 2 - Communication with regulated entities is clear, targeted and effective 15\nMeasures of good regulatory performance 15\nAPRA’s self-assessment against KPI 2 15\nSupporting evidence for KPI 2 16\nExternal stakeholder validation 18\nKPI 3 - Actions undertaken by regulators are proportionate to the regulatory risk being\nmanaged 19\nMeasures of good regulatory performance 19\nAPRA’s self-assessment against KPI 3 19\nSupporting evidence for KPI 3 20", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Applicants / case officers", "source": "strategies/APRA-20Regulator-20Performance-20Framework-20Self-assessment-202019-20.pdf (https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability" ] }, { "entity_id": "O-000931", "entity_name": "Australian Prudential Regulation Authority", "folder_name": "Australian-Prudential-Regulation-Authority", "category": "Case Processing", "scale": "large", "title": "End-to-end case processing redesign", "idea": "Redesign the case pathway around risk-based triage, reusable evidence, and automated eligibility checks.", "quote": "[Page 3]\nContents\nIntroduction 5\nThe Framework: Measures of good regulatory performance 5\nEvaluating APRA’s performance against the Framework 6\nOverall self-assessment 7\nGeneral stakeholder feedback 11\nKPI 1 - Regulators do not unnecessarily impede the efficient operation of regulated\nentities 12\nMeasures of good regulatory performance 12\nAPRA’s self-assessment against KPI 1 12\nSupporting evidence for KPI 1 13\nExternal stakeholder validation 14\nKPI 2 - Communication with regulated entities is clear, targeted and effective 15\nMeasures of good regulatory performance 15\nAPRA’s self-assessment against KPI 2 15\nSupporting evidence for KPI 2 16\nExternal stakeholder validation 18\nKPI 3 - Actions undertaken by regulators are proportionate to the regulatory risk being\nmanaged 19\nMeasures of good regulatory performance 19\nAPRA’s self-assessment against KPI 3 19\nSupporting evidence for KPI 3 20", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Applicants / case officers", "source": "strategies/APRA-20Regulator-20Performance-20Framework-20Self-assessment-202019-20.pdf (https://www.apra.gov.au/sites/default/files/2020-12/APRA%20Regulator%20Performance%20Framework%20Self-assessment%202019-20.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability" ] }, { "entity_id": "O-000931", "entity_name": "Australian Prudential Regulation Authority", "folder_name": "Australian-Prudential-Regulation-Authority", "category": "Procurement & Delivery", "scale": "small", "title": "Procurement lessons library for repeat purchases", "idea": "Capture reusable procurement clauses, market lessons, supplier performance notes, and common evaluation criteria.", "quote": "[Page 33]\nExisting Reporting Gaps / challenge in extending to non-MySuper products New Reporting Standard\nStandard\nSRS 530.0 Investments Details on the gaps are outlined in the topic paper: SRS 550.0 Asset Allocation\nSRS 533.0 Asset • Industry feedback that the strategic asset allocation classes • Enhanced data on investment strategies, to facilitate\nAllocation could be improved. the assessment of investment performance and\nSRS 534.0 Derivative understanding of investment strategy and exposures\nFinancial Instruments • SRF 533.0 strategic asset allocation does not allow for to various asset classes for all investment options, and\nassessment of the differing levels of risk within the same data on the investment exposures of the fund.\nstrategic allocation to an asset class.\n• SRF 534.0 is collected on an annual basis and so does not", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Delivery teams / suppliers", "source": "strategies/RIS_Superannuation-20Data-20Transformation-20-28SDT-29-20phase-201-20.pdf (https://www.apra.gov.au/sites/default/files/2021-09/RIS_Superannuation%20Data%20Transformation%20%28SDT%29%20phase%201%20.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability" ] }, { "entity_id": "O-000931", "entity_name": "Australian Prudential Regulation Authority", "folder_name": "Australian-Prudential-Regulation-Authority", "category": "Procurement & Delivery", "scale": "large", "title": "Portfolio delivery office for major investments", "idea": "Stand up a portfolio delivery office that tracks benefits, risks, dependencies, procurement, and delivery confidence.", "quote": "[Page 33]\nExisting Reporting Gaps / challenge in extending to non-MySuper products New Reporting Standard\nStandard\nSRS 530.0 Investments Details on the gaps are outlined in the topic paper: SRS 550.0 Asset Allocation\nSRS 533.0 Asset • Industry feedback that the strategic asset allocation classes • Enhanced data on investment strategies, to facilitate\nAllocation could be improved. the assessment of investment performance and\nSRS 534.0 Derivative understanding of investment strategy and exposures\nFinancial Instruments • SRF 533.0 strategic asset allocation does not allow for to various asset classes for all investment options, and\nassessment of the differing levels of risk within the same data on the investment exposures of the fund.\nstrategic allocation to an asset class.\n• SRF 534.0 is collected on an annual basis and so does not", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Delivery teams / suppliers", "source": 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