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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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.
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.
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.
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.
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.
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.
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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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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.
What is the significance of operational risk management in CPS 230?
How does CPS 230 expand on the management of material service providers?
How does CPS 230 emphasise the importance of Business Continuity Plans (BCPs)?
What responsibilities do APRA-regulated entities have under CPS 230?
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