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Meeting CPS 230 requirements with Protecht ERM.

Prove your resilience. Progress your business.

As CPS 230 delivery timelines approach, we assist regulated entities in dealing 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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Live webinar

The road to CPS 230: Getting your operational risk controls in order.

Thursday, 22 August 2024, 11am-12pm AEST

Control failures like those exposed in the Financial Services Royal Commission were a major factor behind the introduction of APRA's CPS 230 standard. As a result, controls management is a key component of CPS 230.

Join Protecht’s Research & Content Lead, Michael Howell, and our Senior Risk Consultant, Hela Ebrahimi to explore how you can develop your controls capability to enable effective management of your organisation's operational risk profile.

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How Protecht ERM helps you meet CPS 230 requirements.

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Key principles

Protecht ERM helps entities to manage their operational risks, maintain critical operations, and manage service provider risks:

  • • Core ERM registers and dashboards
  • • BCM and operational resilience
  • • Vendor risk management

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Operational risk management

Ensure you’re not only compliant but equipped with real-time insights and views of your risk landscape:

  • • Conduct risk assessments across the organisation, linked to controls management and assurance
  • • Consolidate policy, obligations and risk management
  • • Understand and monitor your risk profile
  • • Integrate controls management and assurance
  • • Monitor, escalate and manage incidents and manage incidents.

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Roles and responsibilities

Delineate roles, streamline processes, and make informed decisions in line with CPS 230 mandates:

  • • Users can be assigned as owners, reviewers, or be assigned actions in the system
  • • Automated notifications and reminders to achieve follow-up
  • • Analytics and dashboards provide actionable insights to make better and faster decisions
  • • Drill down to divisions and business units as required

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Risk management framework

Ensure that your risk strategies are in harmony with your overarching objectives requirements:

  • • Governance, continuity plans and service provider management
  • • Consistent taxonomies and categorisation allow you to aggregate information for different audiences

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Business continuity

Always be prepared, with tools for visual mapping, tolerance level capturing, and recovery testing:

  • • Identify and manage critical operations and their disruption tolerance levels
  • • Identify and evaluate disruption scenarios, and link them to impacted processes, to critical operations and their tolerance levels
  • • Manage business impact analysis, business continuity planning and testing
  • • Map critical operations to supporting processes, people, resources and technology

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Management of service provider arrangements

Ensure you and your vendors can meet material service provider requirements:

  • • Identify and risk-manage all third-party service providers, including material service providers
  • • Streamline service provider due diligence with capabilities such as SIG questionnaires and integration with cyber risk ratings
  • • Consolidate contract information
  • • Find out where service providers impact your critical operations

White paper

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

Our white paper serves as both a guide to compliance and a blueprint for enhancing operational risk management. It lists the key requirements of CPS 230 and shows you how you can address them with Protecht ERM. 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.

Read brochure

Consulting

How Protecht’s consulting services can help you meet CPS 230 requirements.

Our consulting team can help your organisation prepare for CPS 230, through services including operational risk management framework maturity uplift; identifying your critical operations, process and resource mapping workshops; operational resilience disruption tolerance setting workshops; Business Continuity Planning and testing of plausible scenarios; and third party risk identification and management.

Find out more

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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.