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Issue 862, 2 August 2022 
In this issue: 

 

Operational risk management: consultation on new prudential standard 

APRA  is consulting  on a new prudential standard designed to strengthen the management of operational risk in the banking, insurance and superannuation industries. Operational risk is the potential for financial loss or material disruption as a result of inadequate or failed internal processes or systems, the actions of people or external drivers and events, such as a pandemic or natural disaster.  

APRA is proposing to introduce a new cross-industry Prudential Standard CPS 230 Operational Risk Management, which will set out minimum standards for managing operational risk, including updated requirements for business continuity and service provider management. 

The new standard aims to strengthen standards of operational risk management in response to changing business models, lessons from recent years and developments in global good practice. 

The proposed new standard includes requirements for regulated entities to: 

The new standard will incorporate updated requirements for service provider management and business continuity management that are currently contained in the cross-industry standards CPS 231 Outsourcing and CPS 232 Business Continuity Management and the corresponding superannuation standards SPS 231 and SPS 232. These standards will be replaced by the new CPS 230. 

APRA expects to release the final version of CPS 230 early next year, with the new standard to take effect from 1 January 2024. 

If you have any feedback you would like ASFA to consider in relation to the proposed new standard, please forward it to Julia Stannard  by close of business Friday 16 September. 

 

Strategic planning and member outcomes: consultation on revised prudential standard guidance 

APRA  is consulting  on enhancements to its prudential standard and guidance on strategic planning and member outcomes. 

APRA has released a discussion paper, Strategic planning and member outcomes: Proposed enhancements. This proposes a range of changes to Prudential Standard SPS 515 Strategic Planning and Member Outcomes to make it more effective and simpler for trustees to understand and implement. These include: 

APRA’s review also encompasses the accompanying prudential guidance: SPG 515 Strategic and Business Planning and SPG 516 Business Performance Review. 

After considering submissions on the discussion paper, APRA intends to release draft enhancements to the SPS 515 framework early next year for a further round of consultation. 

If you have any feedback you would like ASFA to consider in relation to the proposed new standard, please forward it to Fiona Galbraith  by close of business Friday 30 September. 

 

ASX Corporate Governance Principles and Recommendations: feedback sought 

The ASX is seeking views and feedback on its Corporate Governance Principles and Recommendations, Fourth Edition, including 

If you have any feedback on the ASX Corporate Governance Principles and Recommendations you would like ASFA to consider, please forward it to Fiona Galbraith by close of business Friday 6 August. 

 

Amending Bill introduced: SCT transition to AFCA, minor and technical amendments 

The Government has introduced into Parliament the Treasury Laws Amendment (2022 Measures No. 1) Bill 2022. 

Of relevance to superannuation, this Bill picks up on some amendments that were in earlier Bills that lapsed when Parliament was dissolved ahead of the election: 

These amendments were previously in the Treasury Laws Amendment (Enhancing Tax Integrity and Supporting Business Investment) Bill 2022  (see ASFA Action issue 850). 

 

 

ASFA REGULATORY WATCHLIST

ASFA’s Regulatory Watchlist (ARW) tracks developments in Legislation, inquiries, consultations

and other regulatory announcements relevant to superannuation.

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