On 17 July 2023, the Australian Prudential Regulation Authority (“APRA“) released the Prudential Standard CPS 230 for Operational Risk Management (“CPS 230“), along with a consultation draft of the Practice Guide CPG 230 for Operational Risk Management. The main objective of CPS 230 is to minimise disruptions to critical operations by mandating that organisations establish robust risk management frameworks. This is achieved through several key measures, including fostering active board engagement in overseeing critical operations, conducting thorough assessments of the entity’s operational risk profile, enhancing strategies for ensuring business continuity, and implementing more stringent requirements for supplier contracts, outsourcing, and due diligence.

Below, we’ve crafted a concise one-page guide outlining the essential updates for APRA-regulated firms and the subsequent actions they need to take to adhere to the new standards.

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