The deadline for APRA’s CPS 230 operational risk standard is approaching fast, and July 1 is non-negotiable. Since the first draft dropped in July 2022, APRA has moved swiftly from consultation to active supervision. Now, on-site inspections are underway to assess how prepared institutions truly are: not in intent, but by evidence.
CPS 230 packs a lot into its 11 pages. It’s both simple in its principles-based design and comprehensive in its scope, covering operational risk, service provider oversight, and business continuity. But with just weeks to go, readiness across the industry remains mixed. Some organisations are fine-tuning their approach, while others are racing to catch up.
Get your CPS 230 readiness checklist now: assess your current state, prioritise your gaps, and see how you stack up against APRA’s expectations:
Why CPS 230 demands more than just a plan
This isn’t a theoretical exercise. APRA is actively assessing cyber resilience, third-party arrangements, and continuity planning. Institutions need to demonstrate that critical operations can be maintained under stress. Recent cyber attacks targeting superannuation funds and insurers have only reinforced the need for greater oversight and accountability.
While APRA pushed back the original January 2024 timeline in response to feedback, most clauses must now be in place by July 1, 2025. Only a few exceptions, such as material service provider contract renewals and certain continuity clauses for non-SFIs, have a 12-month extension.
It’s also important to consider that while the material service provider register isn’t due until 1 October 2025, the data to populate it must be ready from July. The message is clear: readiness is required now.
Start with what you already have
CPS 230 calls for a more structured and resilient approach to managing operational risk. But that doesn’t mean starting from scratch. Many of the components are already familiar: controls management, third-party oversight, incident and issue tracking, and business continuity plans.
What’s needed is orchestration. If you’ve developed these capabilities in silos, now is the time to integrate them. Everything must work in concert around your critical operations and operational risk profile. That’s where consolidation becomes key.
Bringing these elements together in a single platform provides the transparency, auditability, and agility APRA expects, while making life easier for risk and compliance teams.
Proven tools for CPS 230 compliance
Protecht has partnered with APRA-regulated entities across banking, superannuation, and insurance to implement CPS 230-aligned programs. Our solutions aren't just aligned with the standard: they're built to meet it.
Our platform provides:
- Critical operations mapping to ensure risk and continuity efforts are targeted.
- Centralised risk and control libraries aligned with your operational risk profile.
- Automated workflows for incident management, issue resolution, and vendor assessments.
- Business continuity dashboards for real-time tracking of recovery capabilities and gaps.
- Single-source visibility that links risks, controls, vendors, and continuity planning in one place.
This integrated approach ensures that when APRA comes knocking, you’re not just compliant, you’re confident.
Conclusions and next steps for your organisation
Time is tight, but the path forward doesn’t need to be overwhelming. Protecht offers agile delivery and rapid configuration, helping clients reach compliance milestones in weeks, not months. Our platform adapts to your existing processes and supports a roadmap for future integration.
If you’ve already hit the basics, now is the time to plan for full digitisation in Phase 2. Assess your resilience posture, identify gaps, and prepare for a more connected, responsive operational risk program.
With the right partner, readiness is within reach. Protecht helps you build on what you have, close your gaps fast, and meet CPS 230 with confidence.
Ready to fast-track your CPS 230 compliance? Book a personalised demo of Protecht ERM to see how our platform can help you close the loop on operational risk, third-party oversight, and business continuity:
