87Compliance plan

87 Compliance plan (1) The trustees of a scheme must formulate, adopt and give effect to a compliance plan for the scheme that specifies the measures the trustees must apply in operating the scheme. Note for subregulation (1) Under regulation 26(3)(d), the compliance plan must be formulated before the approval of the scheme. (2) The compliance plan must include (but is not limited to) measures for the following matters: (a) ensuring the compliance of the scheme with the Act, these Regulations and any conditions of approval of the scheme; (b) identifying, understanding, addressing and monitoring: (i) any financial risks and any non-financial risks of the scheme; and (ii) balance sheet risk and market risk; (c) reporting and rectifying any breach of the compliance plan; (d) specifying a person who is responsible for monitoring each risk. (3) For subregulation (2)(b)(ii), balance sheet risk and market risk include (but are not limited to) any of the following: (a) the risk of a beneficiary making a claim under a certificate; (b) product design and pricing risk; (c) liability risk;

Chapter 3 Fidelity fund schemes and approved schemes Part 3.4 Approved schemes – prudential standards Division 4 Records, plans and reports Building (RBI and Fidelity Fund Schemes) Regulations 2012 48 (d) risk arising from the management of a claim under a certificate; (e) credit risk; (f) operational risk (including, but not limited to, legal and reputational risk).