Attachment A — Risk Management DeclaratiAttachment A — Risk Management Declaration

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.