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ARTICLE · 01 AUGUST 2023

APRA's new CPS 230: key requirements for regulated entities and their service providers

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Following recent operational risk control failures & disruptions APRA has released its Prudential Standard CPS 230.

AustraliaCompliance
Philip Catania
Philip Catania
Steven Rice
Steven Rice
Jodie Burger
Jodie Burger
Matthew Lee
Matthew Lee
Kate Mani
Kate Mani
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Following recent operational risk control failures and disruptions, including material cyber breaches, the Australian Prudential Regulation Authority (APRA) has released its Prudential Standard CPS 230.

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. It will replace five current APRA standards on outsourcing and business continuity management.1

APRA-regulated entities including banks, insurers and superannuation funds are required to (1) develop and maintain risk management frameworks, (2) enhance Board governance, accountability and oversight, (3) assess and control operational risks, (4) improve business continuity management and (5) uplift arrangements with service providers.

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