Banking, Insurance, Life Insurance and Health Insurance (prudential standard) determination No.1 of 2019
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Business plan
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An APRA-regulated institution must maintain a written plan for the institution that sets out its approach for the implementation of its strategic objectives (business plan).
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The business plan must be a rolling plan of at least three years’ duration that is reviewed at least annually, with the results of the review reported to the Board. The business plan must cover the entirety of the institution and be approved by the Board.
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An APRA-regulated institution must identify and consider the material risks associated with the institution’s strategic objectives and business plan, and must explicitly manage these risks through the risk management framework, including how changing these plans affects the institution’s risk profile.
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The requirement for a business plan does not apply to a run-off insurer provided that the run-off insurer complies with Prudential Standard GPS 110 Capital Adequacy.