29 August 2023 - APRA responds to emerging risks in 2023-24 Corporate Plan

The Australian Prudential Regulation Authority (APRA) has unveiled its latest Corporate Plan designed to preserve the soundness and stability of the banking, insurance and superannuation industries.

The 2023-24 Corporate Plan outlines an evolution in APRA’s priorities for the coming four years in response to new and developing risks impacting the global financial system.

Among APRA’s key priority areas over the plan’s horizon are:

  • addressing system-wide risks by enhancing cross-industry stress-testing, and ensuring macroprudential policy settings remain appropriate for the operating environment;
  • a heightened focus on operational resilience, including cyber resilience, crisis management and operational risk management, to maintain the continuity of critical financial services;
  •  climate-related financial risks, including a Climate Vulnerability Assessment for general insurers and embedding climate risk in APRA’s approach to supervision; and
  • improving superannuation transparency to provide members with enhanced insights about investment performance and increasing APRA’s focus on retirement outcomes.

Financial Education Professionals acknowledges the Traditional Owners of Country throughout Australia. We pay our respects to Elders past, present and emerging.