On 17 July 2023, APRA released the final cross-industry Prudential Standard CPS 230 Operational Risk Management (CPS 230), with the deadline for compliance being 1 July 2025.
CPS 230 is aimed at all APRA-regulated entities and covers the management of operational risk and the use of operational resilience methods to prepare for and respond to business disruptions.
In preparation for the 1 July deadline, APRA has released a suite of CPS 230 notification forms which will help regulated organizations to notify APRA about three areas:
- Operational risk incident
- Breach of critical operation tolerance
- New or change to a material arrangement and/or offshoring.
