The Australian Prudential Regulation Authority (APRA) received 10 submissions in relation to its review of board requirements.

In a letter to insurers and deposit-taking institutions, APRA says submissions were “widely supportive” while identifying a number of potential improvements concerning clarity.

It was suggested certain language may create the impression boards are expected to assume responsibilities that are normally assigned to management.

Submissions proposed greater reliance be placed on Prudential Standard CPS 220 Risk Management to describe board obligations, as an alternative to specifying responsibilities in each prudential standard.

It was also suggested that it is often unclear when a board can delegate a matter to a committee or management.

The regulator says it will review the prudential framework and make amendments as opportunities arise.

“APRA looks forward to ongoing engagement with industry as it seeks to ensure its prudential framework is robust, effective and clearly communicated.”