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).
CPS 230 is designed to strengthen the management of operational risk in the banking, insurance and superannuation industries.
In response to feedback received during the consultation period, APRA intends to:
- move the effective date for the new standard to 1 July 2025; and
- 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.
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