This review was recommended by the Hayne Royal Commission. The damaging revelations revealed during the Commission’s inquiry have had a profound impact on the community. Trust in the financial system and its regulators has diminished. Community expectations about the role of regulators have been heightened.

APRA has released this report analysing the self-assessments carried out by 36 of the country’s largest banks, insurers and superannuation licensees, in response to the final report of the Prudential Inquiry into Commonwealth Bank of Australia (CBA).

This document sets out how APRA will use its enforcement powers to prevent and address serious prudential risks, and to hold entities and individuals to account.

From November 2018 to March 2019, APRA conducted an extensive, forward-looking review of its enforcement strategy. The review examined the appropriateness of APRA’s enforcement strategy and infrastructure, and assessed how enforcement should interact with APRA’s core role of prudential supervision.

This report is comprehensive and contains a large number of findings and recommendations. Its overarching conclusion is that "CBA’s continued financial success dulled the senses of the institution," particularly in relation to the management of non-financial risks.