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ASFA reviews 'best practice' papers
The Association of Superannuation Funds of Australia (ASFA) is currently reviewing its ‘best practice’ papers in light of superannuation changes over the past 18 months.
While a number of new papers on investment and governance related issues are in the pipeline, the overarching “mother ship” paper, ‘Risk Management Framework for Superannuation Funds’, also needs to be looked at, ASFA director of policy Melinda Howes said.
“As with all risk management programs and architecture at the moment, just the events of the last 18 months have meant that we want to make sure we’ve got all of the possible issues included,” Howes said.
The paper consists of risk management, identifying risks, how to treat risks and monitoring and review.
“It’s … the framework that super funds would use,” Howes said.
She said the review would be conducted by a working group of ASFA members.
“We’ve got some great expertise there, that’s the advantage of having the people who are out there actually being risk managers in super funds helping us to write these papers.”
Meanwhile, another paper to be reviewed is ‘Superannuation Funds Governance’, which looks at issues currently being reviewed by the Government and the Australia Prudential Regulation Authority, including conflicts, board structures, disclosure and remuneration policies.
Papers are updated around every two to three years, she said.
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