Financial Accountability Regime
The Financial Accountability Regime, administered jointly by APRA and ASIC. When AI supports a key function, someone named is accountable for it.
FAR has applied to banks since 15 March 2024, and to insurers and superannuation trustees since 15 March 2025.
| FAR expects | In CognaOne |
|---|---|
| Accountable persons for key functions | An accountable executive on each AI system, linked to the accountable person held on the person record |
| Accountability maps kept current | Changes in accountability tracked with dates |
| Reasonable steps to prevent harm | Controls and evidence tied to the accountable person |
16 controls for insurance key functions in the registry. See People and accountability. APRA, Financial Accountability Regime
This page is general information, not legal advice. Sources checked October 2026.
Last reviewed October 2026Suggest a change