APRA has released a consultation package on harmonized and enhanced risk management requirements. The proposal, which reflects APRA’s heightened expectations on risk management, is intended to ensure consistent application of risk management requirements across APRA regulated industries.

The package proposes harmonised risk management requirements for authorised deposit-taking institutions, general insurers, life insurers, single industry groups (Level 2 groups) and conglomerate groups (Level 3 groups). The package includes a discussion paper, a draft new cross-industry risk management prudential standard and an updated cross-industry prudential standard on governance. Submissions on the proposed cross-industry risk management prudential standard (CPS 220) and the updated governance prudential standard (CPS 510) are due by 5 July 2013.