RPF-self-assessment-report-2016_17.pdf

Here are the key points summarizing the document:

Key Performance Indicator (KPI) 2: Regulatory Framework

• The Australian Prudential Regulation Authority (APRA) assesses its own performance in implementing a robust regulatory framework.
• APRA's self-assessment highlights:
  • Strong support for APRA's principles-based supervision approach, with 76% of respondents agreeing or strongly agreeing that APRA's prudential standards are based on principles rather than detailed prescription.
  • Wide-ranging stakeholder feedback indicating positive impact from APRA's supervision activity, with 94% of respondents reporting a positive or very positive impact on their entity's risk management practices.
  • High level of satisfaction with APRA's enforcement of its prudential requirements, with 85% of respondents reporting a positive or very positive impact on the industry.

Overall, APRA's self-assessment suggests that it is effectively implementing a robust regulatory framework and having a positive impact on the financial services sector.