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ARTICLE · 31 AUGUST 2022

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APRA consults on proposed new operational risk prudential standard

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Proposed standard is designed to modernise requirements in relation to risk management frameworks.

AustraliaCompliance
Steven Rice
Steven Rice
Teresa Liang
Teresa Liang
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Key points

  • Relevant for APRA-regulated banks, life and general insurers, superannuation trustees, and health insurers, APRA has released a proposed operational risk prudential standard, CPS 230 Operational Risk Management (CPS 230), for consultation. CPS 230 will replace current outsourcing and business continuity management prudential standards.

  • CPS 230 is designed to modernise requirements in relation to risk management frameworks, business continuity and 'material service providers' of APRA-regulated entities, and to do this in a way which is easy to understand and navigate.

  • APRA considers fraud, cyber, conduct, AML/CTF and technology to be important areas of operational risk.

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