APRA answers frequently asked risk questions
The Australian Prudential Regulation Authority (APRA) has added to the list of frequently asked questions for superannuation licensing on its website, with the inclusion of questions detailing its minimum expectations for risk management strategies (RMS) and risk management plans (RMP).
Outlined are the minimum risks that must be addressed in an RMS and an RMP, as well as the regulator’s expectations on the presentation, contents and level of detail of such strategies and plans.
The questions cover APRA’s expectations in relation to risk management frameworks and satisfying the requirements of Superannuation Industry (Supervision) regulations parts 4.07A and 4.07B on the contents of such plans and strategies.
Also covered are APRA’s expectations regarding the level of detail required for review, audit and breach reporting in the RMS and the RMP.
The four new questions are available on APRA’s website at http://www.apra.gov.au/Superannuation/FAQ.cfm in section two on RMS/RMP.
The web site’s frequently asked questions section also includes information on outsourcing, capital requirements, licence and registration numbers, the applications process, and adequacy of financial resources. Details on trust deeds and governing rules, self-insurance by superannuation funds, as well as fit and proper and police checks for registered superannuation entity licensees are also addressed.
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