The Association of Superannuation Funds of Australia (ASFA) and JANA Investment Advisers (JANA) have announced they will lead a cross-industry collaboration to replace and uplift previous industry guidance around investment management operational due diligence. The new ASFA guidance note will provide vital support for superannuation funds as they prepare for APRA’s new standard, CPS230 Operational Risk Management, effective July 2025. This guidance may also be applicable to asset owners across other APRA-regulated industries.
Existing industry guidance on investment management operational due diligence has been a valued resource over many years, serving as a benchmark standard for APRA-regulated funds and their investment managers. Maintaining its relevance requires dedicated support in an evolving regulatory environment – in particular, the introduction of CPS230 represents a significant uplift to the regulatory requirements for operational risk management.
Recognising this, JANA has partnered with ASFA, collaborating with experts from both organisations and broader contributors to refresh and update the existing guidance for current regulatory requirements and evolving sector needs. Through elevating the guidance to reflect CPS230’s introduction, APRA-regulated funds will gain enhanced capabilities for overseeing an investment manager’s operational risk, preparing for disruptions, and handling third-party outsourcing, offering a uniform approach across the sector.
“ASFA is proud to steward the ASFA Investment Manager Operational Risk Guidance Note, in collaboration with JANA and other industry leaders, to maintain its essential role in operational risk management,” said Mary Delahunty, CEO of ASFA. “Our efforts are committed to aligning this framework with CPS230 to meet the evolving needs of Australian investors.”
“CPS230 marks a pivotal step in operational resilience across the industry,” said Jo Leaper, Head of Operational Consulting at JANA. “This enhanced guidance framework will support consistent risk management and raises industry standards across both APRA-regulated and non-regulated entities.”
Building a unified industry approach
Success in advancing the ASFA Investment Manager Operational Risk Guidance Note depends on the collective efforts from all stakeholders across the industry. The ASFA and JANA collaboration embodies this commitment to excellence, ensuring the guidance note will be a vital resource for industry best practices.
“Our efforts are driven by the shared goal of strengthening and elevating operational standards across the sector,” added Georgina Dudley, Chief Executive Officer, JANA Investment Advisers. “Partnering with ASFA underscores the power of collaboration, as operational risk management relies on the combined efforts of regulators, consultants, managers, and investors working in unison to achieve excellence.”
ASFA and JANA will provide an update on timing for release of the guidance note mid-Q1 next year.
For further information, please contact:
- Craig Morris
Honner Media
Phone: 0413274037
Email: craig@honner.com.au - Richard Garfield
Association of Superannuation Funds of Australia (ASFA)
Phone: 0451 949 300
Email: mediaunit@superannuation.asn.au
About ASFA
The Association of Superannuation Funds of Australia (ASFA) is the peak policy, research, and advocacy body for Australia’s superannuation industry. ASFA’s mission is to ensure the superannuation system delivers the best retirement outcomes for its members, representing the interests of fund members, trustees, and the superannuation industry at large.
For more information, please visit:
https://www.superannuation.asn.au/
About JANA
JANA is Australia’s largest investment consulting organisation and a trusted and respected partner of many of the country’s leading institutional investors. Since its inception in 1987, it has expanded its reach to over 85 institutional clients across superannuation, wealth, Not-For-Profits, insurance, and more. JANA is fully management-owned, with total funds under advice exceeding A$1.4 trillion as of 30 June 2024. Implemented Consulting clients benefit from the scale of A$15 billion across the broader platform used for JANA clients.
For more information, please visit:
https://www.jana.com.au.
