Financial Accountability Regime
Accountability for AI used in key functions.
The Financial Accountability Regime, administered 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, a named person is accountable for it.
| FAR expects | In Cogna8 |
|---|---|
| Accountable persons for key functions | Accountable executive and key function recorded per AI system |
| Accountability maps kept current | Changes tracked with dates |
| Reasonable steps to prevent harm | Controls and evidence tied to the accountable person |
This page is general information, not legal advice.
Last reviewed October 2026Suggest a change