APRA have published its plans to significantly scale up its efforts to lift standards of governance, culture, remuneration and accountability (GCRA). We summarise the key changes, what it means and practical steps for financial institutions to get ahead of the curve.
On 19 November 2019 the Australian Prudential Regulation Authority (APRA) published its plans to significantly scale up its efforts to lift industry standards of governance, culture, remuneration and accountability (GCRA).
With a more intensive regulatory approach to GCRA practices, increased transparency around what ‘good looks like’ and with clear BEAR accountabilities – will this be the start of a regulatory and risk ‘race to the top’?
APRA’s approach includes:
We have deep experience across the financial services industry under-pinned by a multi-skilled team who bring global insights and data-enabled technology solutions to address the challenges arising from the uplift of GCRA standards. Our services include:
In our report we summarise the key APRA changes, what it means and practical steps to take now for financial institutions to get ahead of the curve.
©2020 KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.
Liability limited by a scheme approved under Professional Standards Legislation.
For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.