Document ID: chunk:federal_register_of_legislation:F2012L02224:body:0:p2
Version: federal_register_of_legislation:F2012L02224
Segment Type: other
Provision Reference: 
Character Range: 2781–5961

of its overall risk management framework and approve a Business Continuity Management Policy;
     * an RSE licensee must develop and maintain a business continuity plan that documents procedures and information which enable the RSE licensee to manage business disruptions;
     * an RSE licensee must review the business continuity plan annually and periodically arrange for its review by the internal audit function or an appropriate external expert; and
     * an RSE licensee must notify APRA in the event of certain disruptions.

Authority
     1. This Prudential Standard is made under section 34C of the Superannuation Industry (Supervision) Act 1993 (SIS Act).

Application
    2.             This Prudential Standard applies to all registrable superannuation entity (RSE) licensees (RSE licensees) under the SIS Act.[1]

    3.             All RSE licensees must comply with this Prudential Standard in its entirety, unless otherwise expressly indicated.

    4.             This Prudential Standard applies whether or not activities are outsourced.[2] This Prudential Standard also applies to arrangements where the service provider is located outside of Australia or the functions are performed outside Australia.

    5.             Nothing in this Prudential Standard prevents an RSE licensee from adopting and applying a group policy used by a connected entity or a related body corporate within the group[3], provided that the policy has been approved by the Board of the RSE licensee (the Board) and meets the requirements of this Prudential Standard.[4]

    6.             Subject to paragraph 32, this Prudential Standard commences on 1 July 2013.

The role of the Board and senior management
    7.             An RSE licensee must identify, assess, manage, mitigate and report on potential business continuity risks to ensure that it is able to meet its obligations to beneficiaries and protect the financial position of the RSE licensee, any of its RSEs or connected entities.[5]

    8.             The Board is ultimately responsible for business continuity management (BCM) of the RSE licensee's business operations.

    9.             The Board must ensure that the RSE licensee's approach to BCM is appropriate to the size, business mix and complexity of its business operations.

    10.         The Board may delegate day-to-day operational responsibility for BCM to a responsible committee and/or senior management. The operational responsibility must be clearly expressed in the charter of the committee and/or in the performance objectives of the responsible senior management.

    11.         The Board must ensure that the RSE licensee's business continuity risks and controls for its business operations are taken into account as part of its overall risk management framework and when completing a risk management declaration required to be provided to APRA.[6]

Business continuity management
    12.         BCM is a whole-of-business approach that includes policies, standards and procedures for ensuring that critical business activities can be maintained or recovered in a timely fashion, in the event of a disruption. Its