CPS 230 – Be Ready for 2024

In July 2022, APRA released for consultation a new prudential standard, CPS 230 - Operational Risk Management, designed to strengthen the management of operational risk in the banking, insurance and superannuation industries with written submissions requested by 21 October 2022. CPS 230 is proposed to apply to all APRA-regulated entities in the banking, insurance, and superannuation industries from 1 January 2024.

The new cross-industry standard consolidates five existing Prudential Standards on outsourcing (CPS/SPS/HPS 231) and business continuity management (CPS/SPS 232) across the banking, insurance, and superannuation industries. CPS 230 will set out minimum standards for managing operational risk, including updated requirements for business continuity and service provider management. The proposed new standard for operational risk management, which will replace and supersede a number of existing standards in this area, encompasses operational risk controls and monitoring, business continuity planning and the management of third-party service providers. The aim of the standard is to: strengthen operational risk management, improve business continuity planning and enhance third-party risk management.

In this webinar, we will review the new prudential standard, CPS 230 - Operational Risk Management announcements, the implications to your organization and how to be prepared for 2024.

Who should attend?

This webinar will be of particular interest to stakeholders who are involved with:

• Accountability over data disclosure to APRA (or intend to under FAR)
• All Governance and Operational risk function leaders
• Board Members
• Executive teams

Webinar Agenda

In this session we will cover:

• Introduction
• Role of the Board and Executive
• Shift of focus to process and control
• Alignment to existing business standards
• Maturity assessment model
• Key questions for Boards and Executives