APRA Releases Latest Stakeholder Survey Results

SYDNEY, Australia, June 23 --The Australian Prudential Regulation Authority issued the following news release:

The Australian Prudential Regulation Authority's (APRA's) 2023 Stakeholder Survey has delivered strong backing for APRA's focus on enhancing risk management across the banking, insurance and superannuation industries.

The results of the survey, conducted every two years since 2009, have been released today. Conducted by Orima Research, the latest survey received responses from 282 APRA-regulated entities - a response rate of 67 per cent.

The survey recorded strong support for APRA's ongoing prudential supervisory role, with 98 per cent of respondents saying it benefitted their industry, 94 per cent agreeing that it helped protect the community, and 90 per cent believing it enhanced the strength of their entity.

In line with previous years, however, respondents recorded lower levels of support for the cost and burden of complying with APRA's regulatory requirements. APRA also noted less positive responses from superannuation entities following several years of heightened scrutiny and tougher requirements aimed at boosting member outcomes.

For the first time, the 2023 survey included a range of questions on current issues as well as several questions on behalf of the Financial Regulator Assessment Authority, which is conducting its first review of APRA.

Among the new insights produced:

* 92 per cent of respondents believed APRA had a positive impact on their entity's risk management practices, while almost the same number (88 per cent) said it had a positive impact on their risk culture;

* 70 per cent said APRA's focus on climate-related risks was a positive for their organisation; and

* More than two-thirds (68 per cent) of respondents said APRA's supervision and regulatory relief during the pandemic had a positive impact on their entity.

Chair John Lonsdale said: "As a statutory authority, APRA is accountable to the parliament and Australian people, however we also welcome confirmation that the banks, insurers and superannuation licensees we supervise continue to endorse the work we do to uphold their prudential soundness and overall financial system stability.

"Recent bank collapses in the US and Europe, and the ongoing spate of serious cyber-attacks, underscore the importance of our prudential framework continuing to evolve in response to new and accelerating risks. However, we also hear the message that industry would like us to better balance the positive impact of supervision with the cost and burden of regulation. APRA will reflect on all the survey findings as we shape our future policy and supervision agenda," he said.

The full results of the 2023 APRA Stakeholder Survey are available at: Stakeholder Survey (https://www.apra.gov.au/stakeholder-survey).

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Original text here: https://www.apra.gov.au/news-and-publications/apra-releases-latest-stakeholder-survey-results