October has been a busy month for regulators with both ASIC and APRA releasing their reports on the 2021/22 financial year. The chairs of both regulators, in addressing the House of Representatives, signalled their progress in the past year and their goals for the year ahead.
The month of October 2022 also saw both ASIC and APRA release numerous publications aiming to increase transparency and accountability. APRA’s publications for the month included a guide to assist with outsourcing, general insurance statistics and a review of insurance risk management. Meanwhile ASIC’s publications include its review of auditing firms and the insights from the reportable situations regime. APRA also welcomed John Lonsdale as the new APRA Chair on 31 October 2022.
The Regulators were also occupied in October responding to the Optus and Medibank data breaches.
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