10 October 2012
Consolidated prudential standards
In September 2011, APRA released final versions of four consolidated prudential standards applying across the banking and insurance industries:
- Prudential Standard CPS 231 Outsourcing;
- Prudential Standard CPS 232 Business Continuity Management;
- Prudential Standard CPS 510 Governance; and
- Prudential Standard CPS 520 Fit and Proper.
In conjunction with its review of the capital framework for general insurers and life insurers1, APRA has taken the opportunity to make a small number of minor amendments to these prudential standards to align the structure of these standards with other prudential standards applying to the banking, insurance and superannuation industries.
There has been no change to the prudential requirements in these standards, which become effective on 1 January 2013 and can be found on APRA’s website at http://www.apra.gov.au/adi/PrudentialFramework/Pages/prudential-standards-and-guidance-notes-for-adis.aspx.
Any questions in relation to this letter should be directed to Neil Grummitt, General Manager, Policy Development (firstname.lastname@example.org, 02 9210 3560).
Executive General Manager
Policy, Research and Statistics