Financial Accountability Regime (FAR) Policy¶


Code	`GOV-005`
Domain	Governance & Accountability
Owner	Company Secretary
Status	Draft
Applicability	External — The Financial Accountability Regime defines executive accountability obligations. These are governance and regulatory engagement processes, not system-delivered capabilities. The platform's decision log and audit trail provide evidence for accountability purposes.
Jurisdiction	AU
Business domain	BD10
Review date	2027-03-25

Outside platform boundary

The Financial Accountability Regime defines executive accountability obligations. These are governance and regulatory engagement processes, not system-delivered capabilities. The platform's decision log and audit trail provide evidence for accountability purposes.

Regulations: Financial Accountability Regime (FAR) · Banking Act 1959 ¶

Purpose¶

Govern the platform's obligations under the Australian Financial Accountability Regime (FAR). Defines accountable person mapping, registration obligations with APRA and ASIC, deferred remuneration requirements, accountability statement management, and breach reporting. Required for APRA ADI authorisation.

Scope¶

Applies to all accountable persons of the Australian authorised deposit-taking institution (ADI), as defined under the Financial Accountability Regime Act 2023. This policy is AU-only; NZ Senior Manager accountability obligations are addressed separately under GOV-004.

Accountable persons register¶

The platform SHALL maintain a current register of all accountable persons. The register SHALL record: full name, role, accountability statement reference, areas of accountability, registration date with APRA and ASIC, and any conditions or limitations on their accountability.

The register SHALL be updated within 30 days of any change to the accountable person population, including new appointments, departures, and role changes.

Accountability statements¶

Every accountable person SHALL have a current accountability statement. The statement SHALL clearly define their areas of accountability, their key obligations, and the persons to whom they are accountable. Accountability statements SHALL be reviewed and confirmed annually and following any material role change.

Accountability statements SHALL not overlap in ways that create ambiguity about who is accountable for a given area. Where shared accountability exists, the primary accountable person SHALL be designated.

Registration and notification¶

Accountable persons SHALL be registered with APRA and ASIC before they assume their accountable role. Where an accountable person ceases to hold their role, deregistration SHALL be completed within the timeframe required by FAR.

Material changes to an accountable person's role SHALL be notified to APRA and ASIC as required by the FAR rules.

Deferred remuneration¶

Variable remuneration for accountable persons SHALL include a FAR-compliant deferral component. The deferral percentage and vesting schedule SHALL meet the minimum requirements under the FAR. Deferred remuneration SHALL be subject to malus and clawback in the circumstances defined by FAR.

Breach reporting¶

Where an accountable person is reasonably believed to have breached their accountability obligations, the breach SHALL be assessed by the Chief Compliance Officer and, where confirmed, reported to APRA and ASIC within the timeframe required by FAR.

A record of all breach assessments — including assessments that concluded no reportable breach occurred — SHALL be maintained and available for regulatory inspection.

Evidence trail¶

The platform SHALL maintain sufficient records to evidence each accountable person's exercise of their accountability. Evidence records SHALL include: Board and committee papers, decision records, attestations, and relevant correspondence. The agent action log (MOD-047) provides the system-level accountability evidence trail for technology-platform decisions.

Satisfying modules¶

Module	Name	Mode	Description
MOD-047	Agent action logger	`LOG`	FAR accountable person accountability evidenced by action logs under their remit
MOD-104	AWS shared infrastructure bootstrap	`GATE`	All AWS resources are tagged with tenant_id, module_id, and environment at IaC synthesis time — untagged resources are blocked from deployment by SCP and the tagging compliance gate in MOD-097.
MOD-168	Maker-checker enforcement engine	`CHECKER`	FAR accountability obligations require that material operational decisions are attributable to named individuals — the maker-checker record provides the named proposer and named approver for every TIER-2 and TIER-3 command.

Part of Governance & Accountability · Governance overview Compiled 2026-05-22 from source/entities/policies/GOV-005.yaml