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ARTICLE · 25 JULY 2023

APRA releases final version of new operational risk management prudential standard CPS 230

Piper Alderman
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What does CPS 230 mean for banks, insurers, superannuation trustees & other APRA regulated entities?

AustraliaCompliance
Lisa-Marie McKechnie
Lisa-Marie McKechnie
Kathy Neilson
Kathy Neilson
Kerry Jacobs
Kerry Jacobs
Wendy Gao
Wendy Gao
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After many months of consultation by APRA on the previous draft (released in July 2022), APRA has now released the final version of CPS 230, the new prudential standard on operational risk management. We delve into what this means for banks, insurers, superannuation trustees and other APRA-regulated entities.

The Australian Prudential Regulation Authority (APRA) released the final version of cross-industry Prudential Standard CPS 230 Operational Risk Management (CPS 230) on 18 July 2023. The aim of this new standard is to ensure that APRA- regulated entities can effectively address and manage operational risk, particularly in relation to their critical operations and material service providers. The release follows an extensive period of consultation with industry on a draft version of CPS 230 released in July 2022 and a period of consideration of submissions by APRA. In addition, APRA has also released a draft Prudential Practice Guide CPG 230 Operational Risk

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