RACQ completed a review of its current operations in relation to APRAs prudential Risk Management Standard CPS 220. The assessment provided insights into the appropriateness, effectiveness and adequacy of RACQ's risk management framework, having regard to the size, business mix and complexity of the institution. The review highlighted several shortcomings and areas for improvement, particularly:

1. non-financial risk management practices for operational risk and compliance management. This included deficiencies that cut across a number of key areas including incident and issue management, controls design and assurance, risk assessment, and obligations.

2. Management Information systems, particularly the current environment configuration, utilisation and data quality

As a part of the above RACQ is currently reviewing the provision of its Group Risk Management Platform as a part of its overall Risk Transformation Agenda. As a result, RACQ is issuing this Request for Information (RFI) to assess vendor responses and use the resultant assessments in future decision making.