Australian Prudential Regulation Authority (APRA) Deputy Chair Helen Rowell, who has had responsibility for general insurance for the past two years, will retire from the regulator tomorrow.

Ms Rowell has been with APRA for more than two decades, joining in 2002 and holding a number of executive roles before becoming Deputy Chair in 2015.

Following her retirement, current APRA Member Suzanne Smith will have responsibility for oversight of general, life and private health insurers.

Chairman John Lonsdale says Ms Rowell has made a significant contribution to APRA’s work and financial services, especially in insurance, where she led major reforms to the capital framework, and in superannuation where she oversaw the creation and implementation of that sector’s prudential framework.

Mr Lonsdale says she championed APRA’s cross-industry work on governance and risk management, and in the last few years oversaw significant initiatives in areas such as climate risk. 

“Helen is widely respected across the industries she has supervised particularly for her deep understanding of regulatory issues,” he said today.  “She is also respected internationally for her contribution to important international financial industry and regulatory forums.”

Ms Rowell says in an interview posted on the APRA website earlier this month that changes in the environment over her time include technological developments and the increase in connectivity between entities across the system, both domestically and internationally.

“Another key change would be the significant evolution of governance and risk management frameworks and approaches adopted by financial sector entities, with an increasing recognition of the need to adequately manage both financial and non-financial risks,” she said.

“That has been coupled with a much stronger focus by many entities on better meeting the needs and expectations of consumers, as well as shareholders and other stakeholders.”

The evolving face, frequency and reach of cyberattacks is one of the biggest issues facing financial regulators globally, while in the medium-term climate risks and the need to adapt and respond is a significant challenge, she said.