The Financial Accountability Regime and the AI in key functions
FAR, administered jointly by APRA and ASIC, has applied to banks since March 2024 and to insurers and superannuation trustees since March 2025. When AI supports a key function, someone named is accountable for it.
Accountability you can point to
FAR asks entities to map who is accountable for each key function. As AI takes on work inside those functions, the accountability map needs to show which AI systems sit under each accountable person.
- Accountable executive and key function recorded for each AI system
- Changes in accountability tracked with dates
- Controls and evidence tied to the accountable person
- 16 controls for insurance key functions in the registry today
General information, not legal advice.
Let's connect
Tell us where your AI programme is today. We start with a short, scoped pilot on your own AI estate, and every enquiry is handled in confidence.