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Showing 1 - 7 of 7 results for "operational risk financial requirement"

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 ...

Australian Ethical further reduces super fees

DARREN SNYDER  |  FRIDAY, 24 JUN 2016
... super members will reduce by 0.22%. Of that amount, 0.07% is a reduction of the fund's operational risk financial requirement levy. The funds under management-based revenue margin has been adjusted to 1.24%, down from 1.74% in the 2015 financial year ...

Think big on scale, ORFR: APRA

MELANIE TIMBRELL  |  TUESDAY, 21 AUG 2012
... and subsequent public forums, APRA's deputy chair Ross Jones said his advice on both the Operational Risk Financial Requirement (ORFR) and the scale test was for funds to keep the spirit of the reform in perspective. Many submissions called for guidance ...
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