Commonwealth Prudential Standard 520 – Fit and Proper

About this course

Prudential Standard CPS 520 applies to all authorised deposit-taking institutions, general insurers, life companies and private health insurers. These are collectively referred to as APRA-regulated institutions.

It sets out the minimum requirements for these institutions when determining the fitness and propriety of individuals to hold positions of responsibility.

Persons who are responsible for the management of an APRA-regulated institution must have the appropriate skills, experience and knowledge. They must also act honestly and with integrity. Regulated institutions need to ensure that their responsible persons are fit and proper to hold the position.

What the course covers

• Key requirements of CPS 520
• Fit and Proper Policy
• What is a ‘responsible person’?
• What is a ‘senior manager’?
• Fit and Proper Criteria
• Decision Standards
• Fit and Proper Assessments
• Legal Considerations
• Whistleblowing
• Notifying APRA
• APRA’s Powers

What people can do afterwards

By the end of the course, participants will be able to:

• understand the minimum requirements of APRA-regulated institutions in determining the fitness and propriety of individuals
• understand the information that must be provided to APRA regarding responsible persons’ fitness and propriety
• understand why institutions need to prudently manage the risk that persons in positions of responsibility might not be fit and proper

How it is delivered

• Structured learning Designed for learners who are new to the topic or want a comprehensive overview. The course explores the subject in detail and typically takes 35–40 minutes to complete.

Two ways to run it

• Your policies, your scenarios

  We rebuild “Commonwealth Prudential Standard 520 – Fit and Proper” around how your organisation actually works, so the training changes behaviour instead of recording completions.

  Build a custom version

• Ready to run as it is

  Deploy the course off the shelf, with light branding if you want it. Delivered with our partner Safetrac, who will contact you directly.

  Deploy off the shelf

Either way, you can run it through our compliance platform or take it as a SCORM package for the LMS you already have.

What it costs

Off-the-shelf pricing starts at $4,000 a year for up to ten courses with your logo and colours applied, rising with how much you want changed. The tiers are the same across the catalogue, so they are set out once on the pricing page rather than repeated on all 101 courses.

If what you actually need is your own scenarios and your own policies rather than a reskin, that is a custom build, and it is the work Hungry Minds does.

Choosing an LMS

If you don’t currently have an LMS, we can help you select a platform that suits your organisation.

For smaller teams or organisations getting started, we typically recommend LearnWorlds for its ease of use and quick setup.For organisations requiring more advanced functionality and reporting, TalentLMS is a strong option.

Learn more:LearnWorlds TalentLMS

We may receive a commission if you sign up to an LMS we recommend. It does not change what we recommend.