On 22 March 2021, the Australian Prudential Regulation Authority (APRA) made the Reporting Standard ARS 114.0 Standardised Approach – Operational Risk. The Legislative Instrument was due to sunset on 1 April 2021, and is being remade without significant amendment. The newly remade Instrument will now sunset on 1 April 2031.
Consistent with the Government’s Regulation Impact Statement requirements for sunsetting instruments, APRA has, after consultation with stakeholders, assessed the Instrument as operating effectively and efficiently. Therefore, a Regulation Impact Statement is not required for making the Instrument.