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🔊 Editors Note: APRA delayed the implementation date from 1 January 2024 to 1 January 2025 after the recording of this webinar.
In July 2022, APRA released for consultation a new prudential standard, CPS 230. The new cross-industry standard consolidates five existing Prudential Standards on outsourcing (CPS/SPS/HPS 231) and business continuity management (CPS/SPS 232) across the banking, insurance, and superannuation industries. CPS 230 will set out minimum standards for managing operational risk, including updated requirements for business continuity and service provider management. The proposed new standard for operational risk management, which will replace and supersede a number of existing standards in this area, encompasses operational risk controls and monitoring, business continuity planning and the management of third-party service providers. The aim of the standard is to: strengthen operational risk management, improve business continuity planning and enhance third-party risk management.
CPS 230 is proposed to apply to all APRA-regulated entities in the banking, insurance, and superannuation industries from 1 January 2025.
In this webinar, we reviewed the new prudential standard, CPS 230 announcements, the implications to your organization and how to be prepared for 2025.
Agenda of the webinar on 4th of April 2023:
Introduction
Role of the Board and Executive
Shift of focus to process and control
Alignment to existing business standards
Maturity assessment model
Key questions for Boards and Executives
A recording of the webinar is available on demand and will be of particular interest to stakeholders who are involved with:
Accountability over data disclosure to APRA (or intend to under FAR)
All Governance and Operational risk function leaders
Board Members
Executive teams
Watch the recording here
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