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OUTSOURCING ROAD MAP. REFLECTIONS FROM APRA Sandra Telman. OVERVIEW. Prudential Standard SPS 231 Outsourcing - More than one year on – APRA’s observations regarding implementation of SPS 231. Approaches to assessing a ‘material business activity’. Outsourced agreements.

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Outsourcing road map

OUTSOURCING ROAD MAP

REFLECTIONS FROM APRA

Sandra Telman


Overview
OVERVIEW

  • Prudential Standard SPS 231 Outsourcing - More than one year on – APRA’s observations regarding implementation of SPS 231.

  • Approaches to assessing a ‘material business activity’.

  • Outsourced agreements.

  • Notifications and offshoring consultations with APRA.

  • Messages from APRA.


One year on observations regarding implementation of sps 231
One year on … observations regarding implementation of SPS 231

  • Approaches to drafting of the Outsourcing Policy.

  • APRA’s process for assessment.

  • Examples of better practices.


Approaches to materiality
Approaches to materiality 231

  • Definition of a ‘material business activity’.

  • Observations regarding how a ‘material business activity’ is being assessed by trustees.

  • Conservative approach - preferred option.

  • Materiality of a business activity may change as service changes/expands.

  • Risk Management - processes to review a ‘material business activity’.


Outsourced agreements
Outsourced Agreements 231

  • SPS 231 – opportunities to review agreements and SLAs.

  • APRA access to service providers.

  • Sub-contracting – APRA’s expectations.


Notifications and offshoring consultations
Notifications and Offshoring Consultations 231

  • Industry practices regarding notifications and offshoring consultations.

  • APRA’s approach to notifications and offshoring consultations.

  • Reliance on GS 007.


Messages from apra
Messages from APRA 231

  • Communication.

  • Better practice – refer to APRA Guidance material.

  • FAQs.

  • APRA speeches.


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