On 28 August 2023, the Australian Securities and Investments Commission (“ASIC”) released its 2023-2027 corporate plan (with a focus on 2023-2024). On 29 August 2023, the Australian Prudential, and Regulatory Authority (“APRA”) released its 2023-2024 corporate plan.

APRA’s Corporate Plan Update

The APRA Corporate Plan strategies have been shaped by recent global events, most notably, the March 2023 collapse of Silicon Valley Bank and the takeover of Credit Suisse amongst others. APRA aims to achieve its corporate plans through a renewed emphasis on policy development, risk-based supervision, enforcement, and resolution.

APRA has outlined that it will adopt a “risk-based and forward-looking approach to supervision”, with a focus on the following areas…

The corporate plans outline the primary focus areas where regulators will allocate their workforce and resources. It is essential for firms to familiarise themselves with these corporate plans to stay informed and ready for forthcoming developments. We can assist firms with establishing a framework that enables them to navigate and align with the priorities outlined in ASIC and APRA’s corporate plans.

For more information, and any guidance or advice on the ASIC and APRA Corporate Plans for 2023-2024, Cleveland & Co, your External in-house counsel, are here to help.

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