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Australian Securities and Investments Commission consults on risk management for responsible entities

The Australian Securities and Investments Commission (ASIC) has released a consultation paper and proposed regulatory guidance on risk management practices for responsible entities in the managed funds sector.

ASIC Commissioner Greg Tanzer said the need to standardise fundamental risk management practices was essential.

‘Consultation Paper 204: Risk management systems of responsible entities’ (CP 204) and the associated guidance are based on many current practices of responsible entities, including:

  • Ensuring risk management systems comprise processes to identify, assess and treat risks;
  • Ensuring these processes are suitable for individual business objectives and operations;
  • Ensuring that risk management systems address all material risks, including strategic, governance, operational, investment and liquidity risks; and
  • Reviewing risk management systems regularly, and no less than annually, for appropriateness, effectiveness and relevance to individual businesses.

ASIC’s proposals also reflect international standards and developments in risk management.

Submissions in response to CP 204 are due by 3rd May 2013.

More details.

•Date: 21st March 2013 • Australia •Type: Article • Topic: Enterprise risk management

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