What are the obligations of a Responsible Manager?
Responsible Managers are required to maintain their organisational competence. This means that they are required to maintain and update their knowledge and skills required to carry out the role of Responsible Manager. ASIC Regulatory Guide 105 provides detailed information about the requirements of responsible managers. (RG 105.7)
Unlike the 20 hours ASIC prescribes for RMs of credit licensees, ASIC doesn’t specify how many CPD hours are required for RMs of AFS licensees.
However, the CPD must be ‘adequate’ and assist a responsible manager to:
- maintain knowledge and skills that are appropriate for their activities and responsibilities, and are consistent with any applicable training standards
- update their knowledge and skills, especially in areas where there is continual change
- develop new knowledge and skills to assist with their current role or roles contemplated in the near future.
Our responsible manager CPD awards 15 hours/points. This affords licensees flexibility to make up the balance of the widely accepted industry standard of 20 hours via other activities, such as industry reading, inhouse training, and industry event attendance.
Enrolments for our 2023 CPD are closing soon. Our 2024 program will be released in January.
About our course
In the current climate, with ASIC and APRA joining forces to co-regulate and reinforce compliance, conduct and ethics, there’s not just more of it; it’s also getting broader and more prescriptive. As the person that a licensee relies on to ensure their organisation is meeting its general obligations, it is crucial that a responsible manager feels well-equipped to perform at their best.
Our CPD program is an essential update for responsible managers and governance, risk and compliance leaders, released annually each year
- Contains five topics in alignment with what the regulators are prioritising
- Earns 15 CPD hours/points (3 CPD points per topic).
- Topics are separately assessed so can be studied one at a time, across the year.
- Assessment is via a multiple-choice quiz for each topic.
2023 AFSL RM CPD Program
Roles and responsibilities of responsible managers
- A refresher of your role and responsibilities
- The current state of Royal Commission reforms
- Tips for performing the RM role effectively
Regulator strategic priorities and recent ASIC cases
- Highlights from regulator corporate plans
- Enforcement focuses, including misleading marketing, greenwashing and cyber risk
- Insights for licensees in recent cases
The evolution of financial crime
- History of financial crime
- Drivers of financial crime
- Lessons from high profile cases
Essential Cyber Update: breaches and standards
- The RM role in cyber and information security
- Recent breaches and impacts
- Standards you should know to influence your organisation’s cyber resilience strategy
Being the leading voice on accountability
- Insights and recommendations from our RM community
- Introducing capability and accountability frameworks
- Inspiring better workplace collaboration and culture
Who is this course for?
- Accountable persons of APRA-regulated entities
- Company Directors
- Compliance personnel and consultants
- Financial Planning Practice Manager
- Legal and corporate advisory professionals
- Responsible Managers
- Risk and Compliance leaders
- Senior Managers
Recognition of Prior Learning
Upon successful completion, you will be awarded a Certificate of Attainment confirming you have achieved 15 CPD hours/points.
Our CPD is mapped to ASIC RG105, FASEA and APRA CPS 520-fit and proper categories.