The new Prudential Standard CPS 220 Risk Management (CPS 220) and amended Prudential Standard CPS 510 Governance (CPS 510) are to take effect from 1 January 2015.

APRA has advised that it intends to make related amendments to a number of ADI, general insurance, life insurance and cross-industry prudential standards.

These changes are being made to remove redundant detail that APRA considers is captured by the principles-based requirements in CPS 220. The proposed amendments do not include any substantive changes in overall requirements.

The changes are summarised in the attachment to APRA’s letter, and shown in mark-up in the draft prudential standards. APRA intends to determine the attached prudential standards in November 2014 to take effect from 1 January 2015.