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OUTSOURCING ROAD MAP

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

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  1. OUTSOURCING ROAD MAP REFLECTIONS FROM APRA Sandra Telman

  2. 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.

  3. 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.

  4. Approaches to materiality • 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’.

  5. Outsourced Agreements • SPS 231 – opportunities to review agreements and SLAs. • APRA access to service providers. • Sub-contracting – APRA’s expectations.

  6. Notifications and Offshoring Consultations • Industry practices regarding notifications and offshoring consultations. • APRA’s approach to notifications and offshoring consultations. • Reliance on GS 007.

  7. Messages from APRA • Communication. • Better practice – refer to APRA Guidance material. • FAQs. • APRA speeches.

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