APRA finalises targeted amendments to CPS 230 Operational Risk Management
The Australian Prudential Regulation Authority (APRA) has finalised targeted amendments to prudential standard CPS 230 Operational Risk Management, prudential practice guide CPG 230, and the corresponding Material Service Provider Register template.
The amendments introduce limited exemptions from specific contractual requirements in CPS 230 for material arrangements with certain categories of non-traditional service providers (NTSPs), like central banks and clearing and settlement facilities, where contractual compliance is not practicable.
Developed in response to industry feedback, these changes aim to provide targeted, administratively efficient solutions for regulated entities that maintain material arrangements with NTSPs, while preserving the core objectives of operational risk management.
The amendments will come into effect on 1 July 2026. The full letter to industry and the detailed changes are available on the APRA website at: Operational risk management
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $9.8 trillion in assets for Australian depositors, policyholders and superannuation fund members.