APRA Breach Reporting (Australia)

Description

Practical guidance for financial institutions on reporting prudential requirement breaches

Banks, credit unions, building societies, superannuation funds and insurers have a responsibility to protect customers and ensure financial system stability by complying with APRA’s Prudential Standards.

Breach reporting is a key aspect of compliance. Staff at various levels in financial institutions need a practical understanding of what constitutes a breach and the details of the reporting process.

In its 2024-2025 corporate plan, the Australian Prudential Regulatory Authority announced an ongoing intention to “increase the intensity of supervision” of Australia’s financial institutions. Now is the time to equip your staff with knowledge and safeguard your institution against financial and reputational damage.

This single-module course covers advice for identifying breaches of standards, time frames for breach reporting, what goes into a report and the consequences for reporting failures. For example:

• The differences between prudential standard and guidelines
• Examples of reportable breaches
• The relevance of the ‘significance’ test
• Industry-specific guidance on responding to breaches
• Details of the mechanisms for lodging a breach report
• Industry-specific penalties for failing to report a breach

The lesson provides scenarios on issues that may arise for staff as they encounter prudential requirements and potential breaches in the workplace. These practical examples empower employees to act in line with their legal and ethical obligations.

A breach can happen in any business, small or large.… Working collaboratively with the Regulator will help to minimise reputational, financial and operational risks to your organisation.