APRA has announced an updated organisational structure, in which a new supervisory division will focus on insurance.
The corporate regulator notes the changes to the way it is structured are designed to better align its organisational structure with the strategic objectives set out in its recently released Corporate Plan for 2019-23.
APRA will be moving to an industry-based supervision model, with separate supervisory divisions responsible for:
Under this new structure, each of APRA’s six operating divisions will be led by an Executive Director, with the following appointments announced:
- Brandon Khoo: Executive Director, Insurance
- Suzanne Smith: Executive Director, Superannuation
- Therese McCarthy Hockey: Executive Director, Banking
- Sean Carmody: Executive Director, Cross-Industry Insights & Data
- Steve Matthews: Chief Operating Officer and Executive Director, Enterprise Services.
- Heidi Richards: Acting Executive Director, Policy & Advice (pending a permanent appointment to that role)
Set to commence from 1 December 2019, APRA Chair, Wayne Byres, said the changes will assist the regulator “…to maintain its focus on protecting the financial well-being of the Australian community, while sharpening focus and lifting capabilities in supervising newer and emerging risks.”