APRA restructures, expands its leadership team
The Australian Prudential Regulation Authority has added four new senior executives to its leadership team. In a media release yesterday, APRA said this was part of a broader organisational restructure to respond to changes in the financial sector.Gideon Holland has been appointed as a general manager in APRA's Diversified Institutions Division, responsible for the prudential oversight of Australia's largest and most complex financial groups. He joined APRA in 2011, having previously been a senior policy advisor at HM Treasury in the UK.According to an organisational chart in APRA's latest annual report (for 2015/16) and its website, Holland will be reporting to Brandon Khoo, EGM of Diversified Institutions.Melisande Waterford has been appointed to the newly created role of general manager, licensing. This follows on from a review by APRA of its licensing and authorisation processes. Waterford will lead a new centralised unit to ensure APRA's licensing activities are suited to an increasingly diverse range of applicants. Waterford has been with APRA since its establishment in 1998 and, amongst other roles, served on the Secretariat of the Financial System Inquiry in 2014.Sharyn Reichstein is to take on the newly created role of general manager, advice and approvals. This new unit will be improving APRA's ability to provide sound policy interpretation and advice to its frontline supervisors, as well as efficient and effective approvals to regulated institutions. Reichstein comes to the role "with a strong blend of supervisory and policy experience acquired over almost two decades with APRA," the regulator stated.A newly combined team comprising APRA's governance, operational and insurance risk specialists is to be led by Jane O'Doherty. Amongst other things, this unit will lead APRA's work on culture and remuneration practices in the financial system, as well as examining issues such IT and cyber security. This appointment marks a return to APRA for O'Doherty, currently deputy head of the Financial Regulation Division of the European Central Bank. She had previously worked at APRA between 2008 and 2015.In addition to these changes, APRA announced that its current statistics and industry analysis functions will be combined into a new data analytics unit to be headed up by Katrina Ellis - shown in APRA's latest annual report as GM of industry analysis in the specialised institutions division.