Regulatory AlertsSPS 220 Risk Management
The Australian Prudential Regulation Authority issued Prudential Standard SPS 220 to require all registrable superannuation entity licensees to maintain a risk management framework covering all material risks. The standard mandates that the Board approve a risk appetite statement and a risk management strategy while ensuring the framework is aligned with the licensee's business plan and strategic objectives. Licensees must also establish an independent risk management function, conduct regular framework reviews, and notify APRA of significant breaches or material deviations within ten business days.
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