Australian insurers and banks gear up for regulatory changes

Sydney Australia

Life and general insurers in Australia will be required to enhance their risk management practices in response to new prudential standards.

The Australian Prudential Regulation Authority (Apra) released draft Prudential Standard CPS 220 Risk Management and CPS 510 Governance earlier this month as part of a push to consolidate the different rules used across the financial sector into a single harmonised regime.

The proposed standard is designed to reflect the improvements in risk management made