CTHIn ForceLegislation
Banking, Insurance, Life Insurance, Health Insurance and Superannuation (prudential standard) determination No. 1 of 2023
Role of the BoardRole of the Board
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Role of the Board
- The Board[9] of an APRA-regulated entity is ultimately responsible for the oversight of the entity’s recovery and exit planning. The Board of an APRA-regulated entity must:
(a) approve the recovery and exit plan;
(b) oversee reviews of the recovery and exit plan and ensure any findings are addressed by management; and
(c) oversee the execution of any recovery and exit actions.
- The Board of an SFI must also form a view on the sufficiency of recovery capacity to restore financial resilience in periods of stress. Where the Board views recovery capacity to be insufficient, the SFI must improve its recovery and exit plan or take other actions to improve its financial resilience.