Home / Daily / APRA names executive director to oversee insurance
3 October 2019
The Australian Prudential Regulation Authority (APRA) has appointed Brandon Khoo to the newly created role of Executive Director, Insurance as part of a restructure that will sharpen industry supervision and increase the focus on culture and emerging risks.
Mr Khoo, who is currently EGM of the Diversified Institutions Division, will be responsible for general, life and private health insurers and will report to the executive board. He joined APRA in 1999 and has also served as EGM of the Specialised Institutions Division.
His appointment was one of six operating division leadership positions announced by the regulator under changes recommended in a capability review published earlier this year. The appointments take effect from December 1.
Chairman Wayne Byres says the revamp will help APRA achieve goals on financial system resilience, superannuation member outcomes, enhanced supervision of governance, culture, remuneration and accountability, and cyber resilience.
“These organisational changes are designed to help us to deliver on our strategy and in particular on the four key community outcomes we have identified as critical for APRA to deliver for the Australian community,” he said.
In other appointments, Therese McCarthy Hocking takes charge of banking and Suzanne Smith has responsibility for superannuation.
Sean Carmody becomes Executive Director, Cross-Industry Insights and Data and Steve Matthews was named COO and Executive Director for Enterprise Services.
Heidi Richards will act in the role of Executive Director, Policy and Advice pending a permanent appointment to the position, which encompasses legal and investigations, regulatory affairs and licensing
APRA says a new Accountability Regime Unit is also being established, dedicated to delivering on the extension of the Banking Executive Accountability Regime across regulated industries.
Further appointments to the new organisation structure will be announced “in due course”.
The review leading to the changes was launched following recommendations in the Hayne royal commission final report.
The creation of separate insurance, banking and superannuation divisions aims to bolster frontline supervision, strengthen skills development and increase senior management focus and accountability for dealing with industry-specific issues.
Insurance supervision is currently split between the Diversified Institutions Division and the Specialised Institutions Division.
APRA’s executive board, chaired by Mr Byres, also includes Helen Rowell, John Lonsdale and Geoff Summerhayes.