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Superannuation (prudential standard) determination No. 4 of 2012

Prudential Standard SPS 232 Business Continuity Management

Superannuation Industry (Supervision) Act 1993

I, Ross Jones, delegate of APRA, under subsection 34C(1) of the Superannuation Industry (Supervision) Act 1993 (the Act), DETERMINE Prudential Standard SPS 232 Business Continuity Management in the form set out in the Schedule, which applies to all RSE licensees.

This instrument takes effect upon registration on the Federal Register of Legislative Instruments.

Dated: 15 November 2012

[signed]

Ross Jones
Deputy Chair

Interpretation

      In this instrument:
APRA means the Australian Prudential Regulation Authority.

Federal Register of Legislative Instruments means the Register kept under the Legislative Instruments Act 2003.
RSE licensee has the meaning given in section 10(1) of the Act.

Note 1 It is a condition imposed on all RSE licences that the RSE licensee and, if the RSE licensee is a group of individuals, each of the members of the group, must comply with the RSE licensee law [section 29E(1)(a)]. RSE licensee law includes the prudential standards [section 10(1)]. APRA may direct an RSE licensee to comply with a specified condition of its RSE licence by a specified time if APRA has reasonable grounds to believe that the RSE licensee has breached the condition [section 29EB]. A failure to comply with a direction may lead to cancellation of the RSE licence [section 29G] and may be an offence attracting a penalty of 60 penalty units [section 29JB].

Schedule

Prudential Standard SPS 232 Business Continuity Management comprises the 7 pages commencing on the following page.

Prudential Standard SPS 232

Business Continuity Management

Objectives and key requirements of this Prudential Standard

This Prudential Standard requires each RSE licensee to implement a whole-of-business approach to business continuity management that is appropriate to the size, business mix and complexity of its business operations. Business continuity management increases resilience to business disruption arising from internal and external events and may reduce the impact on the RSE licensee's business operations.

The ultimate responsibility for the business continuity of an RSE licensee's business operations rests with its Board of directors.

The key requirements of this Prudential Standard are that:

     * an RSE licensee must identify, assess and manage 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;
     * the Board of the RSE licensee must consider business continuity risks and controls as part 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;
     *