APRA releases CPS 230 notification forms
To meet the notification requirements of Prudential Standard CPS 230 Operational Risk Management APRA has developed and released electronic forms that should be completed by entities when notifying APRA of the following:
- Operational Risk Incident (para 33)
- Breach of Critical Operation Tolerance (para 42)
- New or change to a material arrangement and/or offshoring (para 59 (a) and (b))
Electronic forms are also available on the APRA website at: Operational risk management.
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 around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.