The funds, entities and regulators involved in the superannuation industry together comprise a system that is complex and dynamic. The differentiation between roles and the distribution of responsibility offers the system as a whole resilience against local failure. However the interconnections that bind and constitute the system create and transmit risks within the system undermine the system's resilience to exogenous shock.

This paper starts to map and analyse those links, assessing the nature of the threat the links pose to systemic resilience. It concludes by speculating on the regulatory responses that might be required to address the risks.