APRA shakes up leadership structure

The Australian Prudential Regulation Authority (APRA) has announced a number of new executive appointments, as part of a move to better align its organisational structure with its strategic objectives outlined in its Corporate Plan for 2019-23.

APRA chair Wayne Byres said the changes will enable APRA to sharpen its focus and enhance its capabilities in supervising newer and emerging risks.

“These organisational changes are designed to help us to deliver on our strategy, and in particular, on the four key community outcomes we have identified as critical for APRA to deliver for the Australian community: financial system resilience, superannuation member outcomes, enhanced GCRA across the regulated sector, and cyber resilience,” Mr Byres said. 

APRA noted that it will move to an industry-based supervision model, with separate supervisory divisions responsible for superannuation, insurance and banking.

Under the new structure, each of APRA’s six operating divisions will be led by an executive director.

APRA’s appointments are as follows:

• EGM, risk and data analytics division, Sean Carmody has been appointed as executive director, cross-industry insights & data;
• EGM, diversified institutions division, Brandon Khoo has been appointed to the role of executive director, insurance;
• EGM, strategy and chief risk officer, Therese McCarthy Hockey has been appointed as executive director, banking;
• EGM, specialised institutions division, Suzanne Smith has been appointed as executive director, superannuation; and
• EGM, corporate services division, Steve Matthews has been appointed chief operating officer and executive director, enterprise services.

APRA added that Heidi Richards will serve as acting executive director, policy & advice, while the regulator searches for a permanent candidate.

The regulator has also announced that in light of the recommendations of the Capability Review, it will “strengthen and intensify” its focus and resourcing allocated to the supervision of governance, culture, remuneration and accountability, as well as technology-related risks and operational resilience.

APRA revealed that a new Accountability Regime unit will also be established, tasked with delivering on the government’s planned extension of the Banking Executive Accountability Regime across all industries within its remit.

Further appointments are set to be announced in due course.

The new appointments will take effect from 1 December.

[Related: APRA to focus on regulation of non-financial risks]