APRA's Governance Structure
Under its enabling legislation, APRA's governance structure comprises a full-time Executive Group of at least three and no more than five Members. The Executive Group is responsible and accountable for the operation and performance of APRA. The Executive Group meets formally on a monthly basis, and more frequently as required, to discuss and resolve the major policy, supervisory and strategic issues facing APRA at the time. It also holds management meetings with APRA’s senior management at least weekly for high-level information sharing and decisions on more routine supervisory and organisational matters.
APRA has a number of governance committees that support the Executive Group to oversee APRA’s core functions and capabilities, including the Audit and Risk Committee.
Audit and Risk Committee
The role of the Audit and Risk Committee (ARC) is to oversee the adequacy and effectiveness of APRA's risk management operations, financial and performance reporting responsibilities, systems of internal controls, and compliance with applicable laws and regulations.
The Risk and Audit Committee comprises three members, the majority of whom are external (independent) members, and one of whom is an APRA Member. The committee is chaired by one of the external members (who also has a casting vote if needed).
The ARC is attended by the Chief Internal Auditor, the Chief Risk Officer, and a representative of the Australian National Audit Office. The Chairman of APRA, and other senior APRA executives, may attend by invitation.
The ARC usually meets four times per year. An additional meeting is held to review APRA's Annual Financial Statements.