In an environment where change is constant, risk management and broader resilience capabilities need to quickly adapt to support business agility. APRA‘s draft Prudential Standard CPS 230 Operational Risk Management (CPS 230), is designed to enable this, setting out key requirements for managing operational risk, including replacing the business continuity and service provider management standards (CPS 232 Business Continuity Management and CPS 231 Outsourcing) with updated requirements. Operational risk management will be key, alongside the existing Prudential Standard CPS 234 (Information Security), in driving APRA’s desired outcome to improve operational resilience and minimise the impact of disruption to members and the financial system.
Click through the buttons below to understand how the changes affect each industry.
- Banking
- Super
- Insurance
