APRA SPS 220 Risk Management (Superannuation) SPS220-P22: Minimum Contents of the Risk Management Strategy

The risk management strategy must describe each material risk identified and the approach to managing it, the policies and procedures covering risk identification and assessment, establishing, implementing and testing mitigation strategies and control mechanisms, monitoring, communicating and reporting risk issues including escalation of material events and incidents, monitoring ongoing compliance with all prudential requirements and ensuring continued alignment between the framework and the business plan together with each policy last revision date, next review date and review owner, the role and responsibilities of the risk management function, the relationships between the Board, board committees and senior management with respect to the framework, those with managerial responsibility for the framework and their roles, the approach to risk awareness across business operations and to instilling an appropriate risk culture, and the process, coverage and timing for reviewing the framework.