What does this mean in practical terms? The Reserve Bank needs to more often positively verify the information and assurances it receives from regulated institutions. We will be intensifying our “show me, don’t just tell me” style of engagement with the industry.
And, we will be expecting to see a great deal more of this verification activity happening at the senior management and board level. An example of this new approach being applied is our review of the Appointed Actuary regime. You will be aware that this review is ongoing, and some of you have received visits from the Reserve Bank’s team.