What APRA Prudential Standard GPS 220 - Risk Management Requirements for General Insurers (2023 Update) requires
This standard requires all APRA-regulated general insurers and Level 2 insurance groups to establish and maintain a comprehensive Risk Management Framework (RMF) and a Risk Management Strategy (RMS). The Board is ultimately responsible for the RMF and must ensure it is appropriate to the size, business mix, and complexity of the insurer's operations, as stipulated in Paragraph 14.
Pillar: Insurance & Risk · Authority: Australian Prudential Regulation Authority (APRA) · Version: 1.0.0 · Last updated:
Primary source: https://handbook.apra.gov.au/standard/cps-220
SHA-256 integrity: fa9e4b73344cfa4061f6b1cf06117316c51c28f0785ba412567381e5fb5771ad
Primary Citations — 7 traced to source
- Prudential Standard GPS 220, Paragraph 14: Responsibilities of the Board
- Prudential Standard GPS 220, Paragraph 20: Risk Management Strategy
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