On 10 April 2019, the AICD made a submission to the APRA Capability Review. In brief, the AICD considers that APRA is a highly effective prudential regulator but identified a number of areas where improvements could be made.
In particular, the AICD recognises that there needs to be a greater focus on governance, culture and remuneration, as well as oversight of non-financial risk, through a prudential lens. However, we strongly believe that a principles-based rather than prescriptive approach to these issues remains appropriate.
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