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APRA Publishes Operational Risk Management Standard

APRA Publishes Operational Risk Management Standard

by Starling Insights

Starling Insights Editorial Board

Sep 07, 2023


ICYMI: The Australian Prudential Regulation Authority (APRA) has announced the final Prudential Standard CPS 230 Operational Risk Management, which is slated to become effective on July 1, 2025. CPS 230 was developed following an industry consultation that commenced in July 2022 with the primary goal of improving the management of operational risks in the financial sector.

Although the Australian financial services market has remained relatively isolated from the recent financial crises, it has faced a number of high-profile cyber incidents. CPS 230 aims to enhance the resilience of regulated financial entities, enabling them to withstand disruptions, whether they are related to cyber threats or other operational risks. To enhance operational risk management, CPS 230 extends previous regulations to cover 4th party providers (vendors' vendors).

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