CTHRepealedLegislation
Banking, Insurance and Life Insurance (prudential standard) determination No. 2 of 2014 - Prudential Standard CPS 232 - Business Continuity Management
Audit arrangementsAudit arrangements
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Audit arrangements
- A regulated institution’s internal audit function, or an external expert, must periodically review the BCP and provide an assurance to the Board or to delegated management that:
(a) the BCP is in accordance with the regulated institution’s BCM Policy and addresses the risks it is designed to control; and
(b) testing procedures are adequate and have been conducted satisfactorily.
- APRA may request the external auditor of the regulated institution, or another appropriate external expert, to provide an assessment of the regulated institution’s BCM arrangements. Any such report must be paid for by the regulated institution and must be made available to APRA.[9]