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Earlier this month the Australian Prudential Regulatory Authority (APRA) released proposed changes to strengthen and streamline governance and fit and proper requirements for Australia finance industry.https://lnkd.in/ey978Mi5Proposing changes that 1. lifting requirements for boards to ensure they have the right mix of skills and experience to deliver the entity’s strategy2. raising minimum standards around the fitness and propriety of responsible persons, and requiring significant financial institutions to engage with APRA on succession planning and potential appointments3. extending existing requirements for superannuation trustees in relation to managing conflicts of interest to banking and insurance4. strengthening board independence, especially in relation to entities that are part of a group5. clarifying APRA’s expectations around the roles of boards, the chair and senior management6. introducing a lifetime tenure limit of 10 years for non-executive directors at an APRA-regulated entityOne is interested in the area of board performance reviews requiring external expert independent performance reviews of boards, committees and individual directors every three years. Reports must be provided to APRA. Formalising the three lines of defense requiring separate audit and risk committees. For covered companies to identify and document clearly defined, measurable and quantifiable skills and capabilities to improve prudential standards.One is especially interested in these proposals as they relate to the management of cybersecurity and AI risk management within the board room. Which is considered at best low and worst does not exist.@Thaddeus Dziekanowski Brian D. McCarthy Faisal KhanVeritas GRC#cybersecurity #cyberriskmanagement #artificialintelligence #boardgovernance
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