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Showing 1 - 10 of 12 results for "operational risk financial requirement"

FEATURE | Regulation: Picking up the pieces

KARREN VERGARA  |  TUESDAY, 24 MAR 2026
... Group also wants to wash its hands clean of remediation obligations. It is counting on the Operational Risk Financial Requirement (ORFR), which can be activated in the same way that victims of Trio Capital were remediated. In a case of deja vu, the catastrophes ...

Sequoia boasts of 'good governance' despite ASIC action

JAMIE WILLIAMSON  |  THURSDAY, 20 NOV 2025
... those clients invested in Shield and First Guardian to be paid out of super funds' operational risk financial requirement (ORFR) reserves. ASIC has levelled several serious allegations at InterPrac in its case filing, including that it failed to ...

Feature: Compliance | Passing the buck

ELIZA BAVIN  |  WEDNESDAY, 15 OCT 2025
... roles in the more than $1 billion loss of investor money. Crole has said super funds' Operational Risk Financial Requirement (ORFR) should be activated in the same way that victims of Trio Capital were remediated. "Use of the ORFR to remediate member ...

InterPrac wants super funds' reserves to remediate Shield, First Guardian victims

KARREN VERGARA  |  FRIDAY, 5 SEP 2025
... $1 billon of investor money. InterPrac managing director Garry Crole said super funds' Operational Risk Financial Requirement (ORFR) should be activated in the same way that victims of Trio Capital were remediated. "Use of the ORFR to remediate member ...

Netwealth, Praemium see inflows soar

ELIZA BAVIN  |  THURSDAY, 23 JAN 2025
... introduction of a $300 annual cap per account for the Netwealth Super Accelerator on the operational risk financial requirement cost. Netwealth said the move will reduce costs for certain members, with a negligible impact to revenue. In addition, for ...

Operational risk reserve targets trimmed for larger funds

JAMIE WILLIAMSON  |  THURSDAY, 24 OCT 2024
Following consultation, APRA has lowered the minimum operational risk financial requirement (ORFR) target amounts for larger superannuation funds. At present, all superannuation funds are expected to keep a minimum of 0.25% of funds under management ...

OnePath Custodians fined $11m for MySuper failures

JAMIE WILLIAMSON  |  MONDAY, 22 JUL 2024
... and remediating all impacted members and allocating additional resourced to replenish its Operational Risk Financial Requirement to 0.25% of funds under management, $40 million of which will be held as an overlay until all terms of the undertaking are ...

APRA proposes updated operational risk financial requirements

ANDREW MCKEAN  |  TUESDAY, 20 FEB 2024
... operational risk financial requirements which are set out in Prudential Standard SPS 114 Operational Risk Financial Requirement (ORFR). The essence of the revisions was to ensure RSE licensees can better access the financial resources held to meet the ...

APRA proposes safeguards against risk events in super

ANDREW MCKEAN  |  TUESDAY, 15 NOV 2022
APRA has proposed to replace the existing Prudential Standard SPS 114 Operational Risk Financial Requirement (SPS 114) with enhanced obligations for trustees, to improve how they manage financial resources to protect fund members from poor operational ...

APRA questions trustees on financial resilience

CHLOE WALKER  |  MONDAY, 22 NOV 2021
... upgrades, corporate restructures or paying fines. APRA is seeking feedback on the use of the operational risk financial requirement (ORFR), reserving practices, and protections afforded to trustees via insurance, and how these might need to adapt over ...
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