Insurance (prudential standard) determination No. 10 of 2012 - Prudential Standard GPS 220 - Risk Management
Risk Management DeclarationRisk Management Declaration
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Risk Management Declaration
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The Board must provide APRA with a Risk Management Declaration signed by two directors or, in the case of a Category C insurer, the senior officer outside Australia with delegated authority from the Board.
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The requirements for the Risk Management Declaration are set out in Attachment B.
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The Risk Management Declaration must be submitted to APRA on, or before, the day that the insurer’s yearly statutory accounts or Level 2 insurance group’s annual accounts (as appropriate) are required to be submitted to APRA in accordance with reporting standards made under the Financial Sector (Collection of Data) Act 2001 (Collection of Data Act).
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If the Board qualifies the Risk Management Declaration, the qualified Risk Management Declaration must include a description of any material deviation from the regulated institution’s obligations, and the steps taken, or proposed to be taken, to remedy those breaches.