Regulatory AlertsSPG 223 Fraud Risk Management
The Australian Prudential Regulation Authority issues this guide to outline prudent practices for Registrable Superannuation Entity licensees in managing fraud risk under Prudential Standard SPS 220. The document requires licensees to integrate fraud risk into their overall risk management framework, including establishing a risk appetite statement, maintaining adequate resources, and ensuring board oversight. It details specific expectations for developing fraud prevention, detection, and response controls, as well as the necessity for regular monitoring and review of these measures.
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