How often should AFSL policies and procedures be reviewed?

AFSL policies and procedures should be reviewed on an ongoing basis as part of the AFSL holder’s overall compliance and risk framework. However, as a rule of thumb, they should be reviewed at least annually or more frequently if there has been a material change in the nature or activities of the business or an event has occurred (i.e. significant breach) which indicates that there may be deficiencies in the current framework.