Australia: Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles For Effective Banking Supervision

International Monetary Fund

No 2019/053, IMF Staff Country Reports from International Monetary Fund

Abstract: This Detailed Assessment of Observance report specifies Base Core Principles (BCP) for effective banking supervision in Australia. An assessment of the effectiveness of banking supervision requires a review of the legal framework, and a detailed examination of the policies and practices of the institution(s) responsible for banking regulation and supervision. In line with the BCP methodology, the assessment focused on banking supervision and regulation in Australia and did not cover the specificities of regulation and supervision of other financial institutions. The assessment has made use of five categories to determine compliance: compliant; largely compliant, materially noncompliant, noncompliant, and non-applicable. The report insists that Australian Prudential Regulation Authority (APRA) should put more focus on assessing the various components of firms’ Internal Capital Adequacy Assessment Process and other firm-wide stress testing practices. A periodic more comprehensive assessment of banks’ risk management and governance frameworks will further enhance APRA’s supervisory approach.

Keywords: ISCR; CR; risk management; APRA supervisor; APRA member; senior management; credit risk; holding company; Credit risk; Operational risk; Market risk; Liquidity risk; Internal audit; Global (search for similar items in EconPapers)
Pages: 281
Date: 2019-02-21
New Economics Papers: this item is included in nep-rmg
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