Document ID: chunk:federal_register_of_legislation:F2019L00669:body:0:p11
Version: federal_register_of_legislation:F2019L00669
Segment Type: other
Provision Reference: 
Character Range: 28929–31930

45, the APRA-regulated institution must assess whether any amendment to, or a review of, the risk management framework is necessary to take account of these developments at that time.

Risk management declaration
49.         The Board of an APRA-regulated institution must make an annual declaration to APRA on risk management of the institution (risk management declaration) that must satisfy the requirements set out in Attachment A to this Prudential Standard. The declaration must be signed by the chairperson of the Board and the chairperson of the Board Risk Committee. In the case of a Category C insurer, foreign ADI, or EFLIC, the risk management declaration must be signed by the senior officer outside Australia or two members of the Compliance Committee, as relevant.
50.         The Board of an APRA-regulated institution must qualify the risk management declaration of the institution if there has been any significant breach of, or material deviation from, the risk management framework or the requirements set out in Attachment A to this Prudential Standard. Any qualification must include a description of the cause and circumstances of the qualification and steps taken, or proposed to be taken, to remedy the problem.[10]
51.         Unless otherwise approved by APRA, an APRA-regulated institution must submit the risk management declaration of the institution to APRA:
       (a)          within four months of its annual balance date if it is an ADI or authorised banking NOHC that is not a disclosing entity within the meaning of the Corporations Act 2001;
       (b)          within four months of its annual balance date if it is a Level 3 Head; or
       (c)          for all other APRA-regulated institutions, within three months of its annual balance date.

Notification requirements
52.         An APRA-regulated institution must on adoption, and following any material revisions, submit to APRA a copy of the institution's:
       (a)          risk appetite statement;
       (b)          business plan; and
       (c)          RMS
as soon as practicable, and no more than 10 business days, after Board approval.
53.         An APRA-regulated institution must notify APRA as soon as practicable, and no more than 10 business days, after it becomes aware:
       (a)          of a significant breach of, or material deviation from, the risk management framework of the institution; or
       (b)          that the risk management framework of the institution did not adequately address a material risk.
54.         An APRA-regulated institution must notify APRA as soon as practicable, and no more than 10 business days, after it becomes aware of any material or prospective material changes to the size, business mix and complexity of the institution.
55.         Where an APRA-regulated institution conducts business in a jurisdiction outside Australia, it must notify APRA as soon as practicable, and no more than 10 business days, after it becomes aware that its right