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APRA CPS 230 standard

Beyond compliance. Building operational excellence.

As the introduction of CPS 230 looms, regulated entities grapple with the complexities of integrating robust operational risk frameworks and managing third-party arrangements. Protecht ERM provides an integrated solution, streamlining your journey towards not just compliance, but operational excellence and resilience.

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Training session

How to realise real business value from CPS 230.

Session 1 - 16th July: 9.00am – 12:15pm AEST
Session 2 - 18th July: 9.00am – 12:15pm AEST

This comprehensive workshop will take you through all aspects of the Prudential Standard CPS 230 Operational Risk Management so as to fully understand what is required and how to practically deliver the required change to your risk operating model to apply the standard. Most importantly you'll learn how to realise real business value from this major uplift to your risk capability.

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How Protecht ERM helps you meet CPS 230 requirements.

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Key principles

The Key Principles guidance in CPS 230 looks at managing operational risks, ensuring proper conduct and compliance, and maintaining critical operations within set tolerance levels. From consolidating policies to managing third-party service providers, Protecht ERM offers an integrated solution tailored to meet the requirements of CPS 230.

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Risk management framework

A unified approach to risk management is at the heart of CPS 230. With an emphasis on integration, alignment, and comprehensive oversight, the standard calls for you to ensure that your risk strategies are in harmony with their overarching objectives. Protecht ERM allows you to meet these requirements, from consolidating risk frameworks to ensuring robust business continuity plans.

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Roles and responsibilities

Ensuring clarity in roles and responsibilities is key to CPS 230. From the board and senior management down, entities must adopt a comprehensive view of operational risk, emphasizing critical operations. Protecht ERM allows you to delineate roles, streamline processes, and make informed decisions in line with the standard's mandates.

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Operational risk management

CPS 230's Operational Risk Management requirements underscore the significance of robust controls management and a comprehensive understanding of critical operations. Protecht ERM provides solutions, from incident and breach management to regulator communications, ensuring you're not only compliant but also equipped with real-time insights and holistic views of your risk landscape.

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Business continuity

The business continuity requirements of CPS 230 focus on the importance of external stakeholders and the need for scenario-based planning. Protecht ERM ensures that entities are always prepared, from maintaining a register of critical operations to upholding a comprehensive business continuity plan, with tools for visual mapping, tolerance level capturing, and recovery testing.

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Management of service provider arrangements

CPS 230 expands outsourcing requirements to introduce the concept of "material service providers", which necessitates rigorous due diligence for all providers supporting critical operations. Protecht ERM offers tools and solutions to allow you and your vendors to meet these requirements, from maintaining a service provider register to managing effective communications with regulators.

Latest CPS 230 news and commentary:

White paper

CPS 230: How to apply the operational risk management standard.

This document serves as both a guide to compliance and a blueprint for enhancing operational risk management. Ensure your organisation is ready to meet the deadline.
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On demand CPS 230 webinars:

Protecht ERM CPS 230 brochure.

How Protecht's integrated CPS 230 solution can streamline your journey towards not just compliance, but operational excellence and resilience.

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Compliance brochure.

Find out how Protecht helps you to achieve compliance objectives, improve resilience and manage risk.

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Operational resilience brochure.

Ensure that your operational resilience and business continuity management processes are able to support your customers and meet your regulatory requirements.

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Vendor risk management brochure.

Find out how our vendor risk management solution allows you to manage vendor risk and avoid disruption.

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FAQ

These are some of the most common questions we receive from people around Protecht ERM and CPS 230. We have a wealth of additional resources available, so please get in touch if you don’t see your question answered here.

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What is the significance of operational risk management in CPS 230?

Operational risk management is a central component of CPS 230. The standard underscores the importance of robust controls management and a comprehensive understanding of critical operations. Entities must adopt a holistic view of operational risks, emphasising the safeguarding of critical operations. Protecht ERM provides solutions that align with CPS 230, offering tools for incident and breach management, regulator communications, and giving real-time insights into the risk landscape.

CPS 230 broadens APRA’s existing requirements on outsourcing to encompass a wider range of third parties. The introduction of the concept of material service providers necessitates enhanced due diligence and risk management for all providers supporting critical operations. This not only impacts regulated entities but also the service providers themselves. Entities must ensure consistent and robust service provider management across the board.

Business Continuity Plans (BCPs) are vital in CPS 230 to ensure that entities can continue their critical operations without disruption, even in adverse situations. The standard mandates that entities must have a BCP in place and regularly test its effectiveness. Protecht ERM aids organisations in aligning with this requirement by offering tools that ensure robust business continuity plans are in place and can be executed when needed.

APRA-regulated entities are required to adhere to the guidelines set out in CPS 230, which focus on managing operational risks and ensuring the continuity of critical operations. This includes maintaining comprehensive policies, conducting regular assessments, managing material service providers, and ensuring robust business continuity plans. Protecht ERM offers solutions tailored to help APRA-regulated entities meet these requirements, ensuring compliance and operational resilience.