APRA has released a letter to authorised deposit-taking institutions (ADIs), general insurers, life companies and Level 2 Heads in response to concerns that the standards proposed in the Prudential Standard CPS 220 Risk Management (CPS 220) consultation paper cannot be effectively implemented by 1 January 2014 due to practical constraints. APRA still proposes to respond to submissions and finalise prudential standards by this date, but standards will not be fully effective until 1 January 2015. However, affected entities and groups will be expected to develop and introduce implementation plans to ensure they are able to meet all requirements by 1 January 2015.