Document ID: chunk:federal_register_of_legislation:F2016L01431:body:0:p2
Version: federal_register_of_legislation:F2016L01431
Segment Type: other
Provision Reference: 
Character Range: 2856–5955

1973.

    friendly society has the meaning given in section 16C of the Life Insurance Act 1995.

    general insurer has the meaning given in section 11 of the Insurance Act 1973.

    life company has the meaning given in the Schedule to the Life Insurance Act 1995.

registered life NOHC has the meaning given to the expression registered NOHC in the Schedule to the Life Insurance Act 1995.

Schedule

Prudential Standard CPS 232 Business Continuity Management comprises the 9 pages commencing on the following page.

Prudential Standard CPS 232

Business Continuity Management
Objectives and key requirements of this Prudential Standard
This Prudential Standard requires each APRA-regulated institution and Head of a group to implement a whole-of-business approach to business continuity management that is appropriate to the nature and scale of the operations. Business continuity management increases resilience to business disruption arising from internal and external events and may reduce the impact on the institution's or group's business operations, reputation, profitability, depositors, policyholders and other stakeholders.
The Board of an APRA regulated institution and the Board of a Head of a group, respectively, have ultimate responsibility for the business continuity of the institution or group.
The key requirements of this Prudential Standard are that an APRA-regulated institution and a Head of a group must:
     * maintain a business continuity management policy for the institution or group, approved by the Board;
     * identify, assess and manage potential business continuity risks to ensure that it is able to meet its financial and service obligations to its depositors, policyholders and other stakeholders;
     * consider business continuity risks and controls as part of its risk management framework;
     * maintain a business continuity plan that documents procedures and information which enable the institution to manage business disruptions;
     * review the business continuity plan annually and periodically arrange for its review by the internal audit function or an appropriate external expert; and
     * notify APRA in the event of certain disruptions.
Where an APRA-regulated institution is the Head of a group, this Prudential Standard requires that the group has in place business continuity management appropriate to the nature and scale of the group's operations, and the provisions of this Prudential Standard are applied appropriately throughout the group, including in relation to institutions that are not APRA-regulated. In addition, where specified, the Head of a group must comply with the requirements on a group basis.

Authority
     1. This Prudential Standard is made under:
(a)          section 11AF of the Banking Act 1959 (Banking Act);
(b)          section 32 of the Insurance Act 1973 (Insurance Act); and
(c)          section 230A of the Life Insurance Act 1995 (Life Insurance Act).

Application
2.             This Prudential Standard applies to all 'APRA-regulated institutions',[1] defined as:
(a)          all