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ARTICLE · 05 APRIL 2014

APRA’s final harmonised and enhanced risk management requirements

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APRA has released a package to harmonise and enhance risk management practices and requirements across the industry.

AustraliaFinance and Banking
Michael Chaaya
Michael Chaaya
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NEED TO KNOW

On 31 January 2014, APRA released a package to harmonise and enhance risk management practices and requirements across the industry including authorised deposit-taking (ADI) institutions, general and life insurers as well as Level 2 (single industry) and Level 3 (conglomerate) groups.

The package includes:

  • final APRA Prudential Standard CPS 220 Risk Management (CPS 220);
  • final APRA Prudential Standard CPS 510 Governance (CPS 510);
  • APRA response paper to submissions received on the CPS 220 consultation paper released in May 2013; and
  • draft APRA Prudential Practice Guide CPG 220 Risk Management (CPG 220).

BACKGROUND

On 9 May 2013, APRA released draft CPS 220, draft updated CPS 510 and an accompanying Discussion Paper – Harmonising Cross-Industry Risk Management Requirements for public consultation.

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