Document ID: chunk:federal_register_of_legislation:F2019L00669:body:0:p12
Version: federal_register_of_legislation:F2019L00669
Segment Type: other
Provision Reference: 
Character Range: 31672–34835

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 to conduct business in that jurisdiction has been materially affected by the law of that jurisdiction or its right to conduct business has ceased.

Adjustments and exclusions
56.         APRA may adjust or exclude a specific requirement in this Prudential Standard in relation to an APRA-regulated institution.[11]

Determinations made under previous prudential standards
57.         An exercise of APRA's discretion under a previous version of a risk management prudential standard continues to have effect under this Prudential Standard. For the purposes of this paragraph, 'a previous version of a risk management prudential standard' includes any versions of:
       (a)          Prudential Standard CPS 220 Risk Management;
       (b)          Prudential Standard GPS 220 Risk Management;
       (c)          Prudential Standard GPS 221 Risk Management: Level 2 Insurance Groups; and
       (d)          Prudential Standard LPS 220 Risk Management.

Attachment A – Risk Management Declaration
     1. For the purposes of paragraph 49 of this Prudential Standard, the Board of an APRA-regulated institution must provide APRA with a risk management declaration of the institution stating that, to the best of its knowledge and having made appropriate enquiries, in all material respects:
       (a)          the institution has in place systems for ensuring compliance with all prudential requirements;
       (b)          the systems and resources that are in place for identifying, measuring, evaluating, monitoring, reporting, and controlling or mitigating material risks, and the risk management framework, are appropriate to the institution, having regard to the size, business mix and complexity of the institution;
       (c)          the risk management and internal control systems in place are operating effectively and are adequate having regard to the risks of the institution they are designed to control;
       (d)          the institution has a RMS that complies with this Prudential Standard, and the institution has complied with each measure and control described in the RMS;
       (e)          where it is a general insurer, the institution's Reinsurance Management Strategy complies with Prudential Standard GPS 230 Reinsurance Management, for selecting and monitoring reinsurance programs; and
       (f)           the APRA-regulated institution is satisfied with the efficacy of the processes and systems surrounding the production of financial information at the institution.
[1]  Note, for the purposes of this Prudential Standard, an RSE licensee is not treated as an 'APRA-regulated institution'. Refer to Prudential Standard SPS 220 Risk Management (SPS 220) for requirements relating to the risk management of an RSE licensee.
[2]   Where a Level 2 group operates within a Level 3 group, a requirement expressed as applying to a Head of a group is to be read as applying