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March 22, 2013

Risk management of responsible entities

ASIC has released Consultation Paper 204 Risk management systems of responsible entities (CP 204) containing proposed regulatory guidance on risk management practices for responsible entities in the managed funds sector that are Australian financial services (AFS) licensees that are not regulated by the Australian Prudential Regulation Authority (APRA).

Subject to the passage of the Superannuation Legislation Amendment (Service Providers and other Governance Measures) Bill 2012, the proposed requirements would also apply to APRA-regulated registrable superannuation entity licensees (RSEs) that manage non-superannuation registered managed investment schemes (dual-regulated entities).

The proposals deal with:

  • ensuring risk management systems comprise processes to identify, assess and treat risks
  • ensuring these processes are suitable for individual business objectives and operations
  • ensuring that risk management systems address all material risks, including strategic, governance, operational, investment and liquidity risks, and
  • reviewing risk management systems regularly, and no less than annually, for appropriateness, effectiveness and relevance to individual businesses.

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Posted 22nd March 2013 by David Jacobson in Compliance, Corporations Act, Investments, Risk Management, Superannuation