Attention all banking, insurance and superannuation professionals!
The Australian Prudential Regulation Authority (APRA) has released an updated timeline for the implementation of the new cross-industry Prudential Standard CPS 230 Operational Risk Management (CPS 230), which is designed to strengthen the management of operational risk in the industry.
In response to feedback received during the consultation period, APRA has decided to move the effective date for the new standard to 1 July 2025, and will also provide transitional arrangements for pre-existing contractual arrangements with service providers, with the requirements in the standard applying from the earlier of the next contract renewal date or 1 July 2026.
It’s important to start preparing for these changes now, as the new standard will have a significant impact on how your organization manages operational risk. APRA also plans to release a final version of CPS 230, together with draft supporting guidance, in mid-2023.
For more information on this consultation, visit the APRA website.
Don’t wait until it’s too late, start preparing for CPS 230 now to ensure a smooth transition when the changes come into effect, particularly those without transitional time periods.
We are already talking with a number of organisations on their CPS230 education and awareness requirements and discussing activities to achieve compliance.
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Please contact us to find out more.