This is the time for a well-developed, well-embedded and well-operated enterprise risk management framework and processes. It is not a time to throw away risk management thinking. It is a time to bring it into action.
APRA has released its draft Standard CPS 230: Operational Risk Management, which rationalises multiple existing standards and guidance while also addressing operational resilience. Regulated organisations will need to tighten up several areas of their risk management to meet the new standard's requirements.
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