APRA chair Wayne Byres has outlined a plan to modernise the prudential architecture.
“As financial system risks have evolved, the prudential framework has grown,” Byres told a FINSIA event on Friday.
“In total, we now have around 150 prudential standards and practice guides, supported by a myriad of information papers, industry letters and FAQs. It could do with an overhaul.
“We’ve therefore kicked off a project to do just that.
“Our objectives are to make the framework more cohesive; easier to understand and navigate; and less costly to maintain and update.
“In doing so, we also want to cater to new risks from digitisation. Importantly, we’ll soon begin seeking stakeholder views on how we best do that.
I would encourage everyone to engage in that exercise – we’re genuinely keen to hear your views."