In May 2019 APRA released an Information Paper on the findings arising from self-assessments of governance, accountability and culture.
The request for self-assessments followed APRA's release of the Final Report of the Prudential Inquiry into Commonwealth Bank of Australia (CBA) on 1 May 2018. In the self-assessments that followed the CBA review, 36 authorised deposit-taking institutions (ADIs), insurers and superannuation licensees were asked to conduct a similar assessment to that which was performed on CBA to consider whether similar issues might exist in their own organisations.
APRA subsequently examined the self-assessments performed by each participating institution to assess their quality, identify common themes and, where necessary, challenged institutions' findings. The results of this assessment were published in an APRA Information Paper, Self-assessments of governance, accountability and culture, in May 2019.
While the Information Paper relates to findings arising from the assessments performed by particular institutions, APRA has stated in the report that it expects all prudentially regulated institutions to consider the findings in the context of the report for their own institutions. APRA notes in the Information Paper that it has released the findings to "assist institutions in understanding and addressing the challenges of embedding effective risk governance frameworks and practices".
Indeed, now that the report and learnings are publicly available to all, consideration of the report would arguably be essential to demonstrating 'reasonable steps' have been performed for those institutions currently or soon to be regulated by the Banking Executive Accountability Regime (BEAR).