Go to top of page

Audit & Risk Committee

The Audit and Risk Committee (ARC) comprises two independent non-executive members and an APRA Member. It is advisory and not a decision-making authority.

The committee was established in December 2019, through the merger of the previous Audit Committee (AC) and Risk Management Committee (RMC) to provide a coordinated focus on APRA’s control environment.

The committee provides independent assurance and advice to the APRA Chair on APRA's financial reporting, management and system of internal control, performance reporting, and system of risk oversight and management, and compliance with applicable laws and regulations. In fulfilling its obligations, it receives reports and updates from Internal Audit and Risk Management and Compliance, and has the authority to call for reports and updates from across APRA it considers necessary to meet its obligations.

The committee meets formally five times annually, and more frequently as required. In addition to its members, the Australian National Audit Office (ANAO), APRA’s Chair, Chief Internal Auditor and Chief Risk Officer are regular attendees at meetings of this committee.

The committee’s charter is available on APRA’s website.

Further information on the membership, activities and attendance of the committee is set out below. The current non-executive independent members are:

Ms Sam Lewis, BA (Hons), CA, ACA, GAICD Audit and Risk Committee – Chair

Ms Lewis was appointed Chair of APRA’s Audit Committee (AC) and an independent member of APRA’s Risk Management Committee (RMC) for a three-year term in 2016. She was reappointed for a further two-year term on 1 April 2019. With the restructure of the AC and RMC, she assumed the role of Chair of the ARC.

Ms Lewis is a chartered accountant, and has been lead auditor to a number of Australian listed entities. She has extensive expertise in accounting, finance, auditing, risk management and corporate governance. After 24 years with Deloitte, where Ms Lewis was an Assurance and Advisory Partner for 14 years, she has more recently taken on roles as a non-executive director of Aurizon Limited (since February 2015), acting as Chair of the Audit, Governance and Risk Management Committee and as a non-executive director of Orora Limited (since March 2014), where she is Chair of the Audit and Compliance Committee and non-executive director of Nine Entertainment Co. Holding Limited (since March 2017), where she is Chair of the Audit and Risk Committee.

Ms Kate Hughes, BCom (Ec & Fin), Grad Dip Applied Finance, Grad Dip OH&S, GAICD Audit and Risk Committee – Independent member

Ms Hughes joined APRA’s Audit and Risk Committee as an independent member on 2 December 2019, for a three-year term. Ms Hughes is a risk management, compliance, internal audit and governance professional who holds various non- executive roles with Comcare, Department of Justice and Community Safety and Department of Transport.

Ms Hughes’ most recent executive role was as Chief Audit and Risk Officer at RMIT University, with responsibility for the University’s internal audit, risk management, compliance and regulatory affairs functions. Prior to this she was the Chief Risk Officer at Telstra, with global responsibility for the enterprise wide risk management, resilience, privacy, compliance and health and safety functions. Ms Hughes has led international teams for 15 years and has broad risk management, compliance, safety and governance experience in many sectors, including financial services, agribusiness, retail, manufacturing, public administration and telecommunications.

Ms Fiona Bennett, BA (Hons), FCA, FAICD, FAIM Risk Management Committee – Chair; Audit Committee – Independent member

Ms Bennett originally joined APRA’s previous Risk Management and Audit Committee (RMAC) as an independent member on 1 January 2011. With the restructure of the RMAC into separate risk and audit committees, Ms Bennett was appointed as independent Chair of APRA’s Risk Management Committee on 1 January 2015 for a three-year term. She was reappointed for a further two-year term on 1 January 2018. Her most recent term on the committees concluded on 31 December 2019.

Attendance at Audit and Risk Committee meetings from 1 December 2019 to 30 June 2020:

Member

Meetings

Attended

Sam Lewis (Chair, external)

2

2

Fiona Bennett (external to December 2019)

1

1

Kate Hughes (external from March 2020)

2

2

Geoff Summerhayes

2

2

Attendance at Audit Committee meetings from 1 July 2019 to 30 November 2019:

Member

Meetings

Attended

Sam Lewis (Chair, external)

3

3

Fiona Bennett (external)

3

3

Geoff Summerhayes

3

3

Attendance at Risk Management Committee meetings from 1 July 2019 to 30 November 2019:

Member

Meetings

Attended

Fiona Bennett (Chair, external)

2

2

Sam Lewis (external)

2

2

Geoff Summerhayes

2

2

ARC Independent Member Remuneration from 1 July 2019 to 30 June 2020:

Member

Annual (ex GST)

Paid (ex GST)

Sam Lewis (Chair, external)

49,200

49,200

Fiona Bennett (external to December 2019)

41,000

20,500

Kate Hughes (external from March 2020)

40,000

20,000