Major changes are coming to how financial services institutions are required to manage operational risk. The new APRA standard CPS 230 will become effective on July 1st, 2025.
As we have previously outlined, CPS 230 will significantly increase operational risk management requirements across many areas of FSIs. Compliance will require extensive preparation and APRA have advised that they will be expecting and assessing evidence of progress through 2024.
At Capital Consult, we have assisted many FSIs successfully navigate APRA regulations and demonstrate compliance. Leveraging this expertise, we have developed a CPS 230 readiness method, implementation roadmap and supporting CPS 230 readiness toolkit. This will enable FSIs to navigate the intricacies of CPS 230 and implement practical and tailored solutions to ensure compliance.
APRA has indicated the first step towards compliance is to complete a gap analysis and planning to achieve compliance. Our free CPS 230 Self-Assessment is a high-level gap analysis across the seven key CPS 230 requirement domains. This will provide a personalised findings report to help prioritise your efforts.
CPS 230 readiness will be a complex and time-intensive activity across the whole organisation. Don’t wait to start preparing. Contact us today to help you get ready for this important new regulation.
About the Authors: Mark Zanon and Andre Kreicers are from Capital Consult, who have been providing specialist regulatory and technology advice, consulting and services to the Financial Services industry since 2008. We assist organisations to interpret and achieve compliance with the APRA prudential standards, guidelines and supervisory directions. Capital Consult has worked with many FSI clients in managing their APRA and regulatory obligations. This includes understanding and managing risk paradigms introduced through technology developments such as outsourcing, cloud computing, digital transformation, AI and Banking as a Service.
