An APRA-regulated entity’s approach to operational risk must be appropriate to its size, business mix and complexity. The key requirements of this Prudential Standard are that an APRA-regulated entity must: • identify, assess and its operational risks, with effective internalmanage controls, monitoring and remediation;

Oct 17, 2024 · APRA proposes to introduce a new cross-industry Prudential Standard CPS 230 Operational Risk Management (CPS 230) which will set out minimum standards for managing operational risk, including updated requirements for business continuity and …

Jun 13, 2024 · CPS 230 sits within the Risk Management pillar of APRA’s framework, as a supporting standard. Effective operational risk management is essential to ensure the resilience of an entity, and its ability to maintain critical operations through disruptions. CPS 230 applies to every APRA-regulated entity.

On 13 June 2024, APRA released the final version of the highly-anticipated Prudential Practice Guide CPG 230 Operational Risk Management which provides key guidance in relation to Prudential Standard CPS 230 Operational Risk Management (CPS 230).

Jul 28, 2023 · After 12 months of consultation, APRA released the final CPS 230 on 17 July 2023 to address ineffective controls within APRA-regulated entities, low tolerance for disruptions and increasing reliance by regulated entities on service providers.

Jun 24, 2024 · The Australian Prudential Regulation Authority (APRA) release of cross-industry Prudential Standard CPS 230 Operational Risk Management has been designed to strengthen operational risk management and resilience across APRA-regulated entities.

An APRA-regulated entity must identify, assess and manage operational risks that may result from inadequate or failed internal processes or systems, the actions or inactions of people or external drivers and events.

Entities must be able to maintain critical operations through disruptions and manage the risks arising from service providers. The aim of this Prudential Standard is to ensure that an APRA-regulated entity is resilient to operational risks and disruptions.

Jul 17, 2023 · Prudential standard CPS 230 Operational Risk Management provides a foundation for APRA-regulated entities to better manage operational risks and respond to business disruptions. The new standard will commence from 1 July 2025.

Aug 3, 2023 · CPS 230 introduces enhanced requirements in operational risk management, resilience and tolerance levels for disruption and service provider management. This will have impacts on APRA-regulated entities, their group members (in some cases) and certain service providers to APRA-regulated entities.