Summary of Major Changes Introduced in Cps 220 and Cps 510

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SUMMARY OF MAJOR CHANGES INTRODUCED IN CPS 220 AND CPS 510

Significant risk management standards that were introduced in the May 2013 proposals included (but were not limited to):

Establish designated risk management framework within the APRA-regulated organisation, including appointing a Chief Risk Officer (CRO) who:

* is independent, and involved in (and provides an effective challenge to) activities and decisions that may materially affect the organisation’s risk profile; * has a direct reporting line to the Chief Executive Officer (CEO) and unrestricted access to the Board Risk Committee to be established also under CPS 220; * cannot be the CEO, Chief Financial Officer, the Appointed Actuary or the Head of Internal Audit;

Establish a BRC comprised of non-executive directors that:

* provides the Board with objective oversight of the implementation and operation of the risk management framework; * may be composed of the same people as the Board Audit Committee (BAC), while the committees must operate under a different charter; and * conduct regular reviews of and make recommendations to the Board on the Remuneration Policy to be established under CPS 510;

establish a BAC which is to:

* assist the Board by providing an objective non-executive review of the effectiveness of the financial reporting and risk management framework; * provide prior endorsement for the appointment or removal of the institution’s external auditors and Heads of Internal Audit;

meet risk management standards on a group level with the following flow-on changes to APRA’s approach to group risk management:

* where individual Boards within a group are satisfied the required risk management standards are met, the Board of the Head of a Level 2 or Level 3 group will be able to complete the risk management attestation on the group’s behalf;…...

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