cps
APRA’s interim response to Medibank cyber breach
… not meeting the Information Security Prudential Standard CPS 234 as a result of the extensive independent review …
Opening Statement to Senate Economics Legislation Committee - June 2024
… a review of all regulated entities’ compliance with the CPS 234 Information Security standard. Although remediation … for Australians. APRA has now finalised formal guidance on CPS 230 Operational Risk Management , which will be published …
APRA Executive Board Member Suzanne Smith – Speech to the Members Health Directors’ Professional Development Program
… you well until now may need reshaping and refreshing. CPS 220 came into effect for private health insurers in 2019, … So, there is more work to do. I want to stress that CPS 220 is the foundation for CPS 230, the new operational risk management standard, which …
Review of the private health insurance prudential framework: Building resilient insurers
… a cross-industry prudential standard on risk management - CPS 220 - and addresses a key gap in the prudential framework … to apply the cross-industry risk management standard CPS 220 to all private health insurers. APRA invited feedback … industry prudential standards on governance matters - CPS 510 Governance and CPS 520 Fit and Proper – that reflect …
Executive Board Member Geoff Summerhayes - speech to Financial Services Assurance Forum
… to meet the 1 January 2021 deadline to comply with CPS 234 third-party arrangements transition provisions. These … that many entities are failing to adequately comply with CPS 234, this is one area where APRA can no longer hold off … incident response processes. It’s close to 18 months since CPS 234 came into effect, and we are still seeing too many …
APRA shares international report on diversity, equity and inclusion practices in the insurance sector
… as part of this year’s review of Prudential Standard CPS 510 Governance. The IAIS Stocktake on diversity, equity …
APRA Chair Wayne Byres - Speech to the Australian Banking Association National Economic Series
… framework will be strengthened. We plan to update CPS 510 Governance and CPS 520 Fit and Proper to take account of recent experience and international developments. CPS 510, in particular, will be redesigned with a view to …
APRA Deputy Chair John Lonsdale - Speech to the COBA CEO and Director Forum
… Our cross-industry prudential standard on governance (CPS 510) requires authorised deposit-taking institutions … decisions, and less likely to challenge decisions. Under CPS 510, boards of APRA-regulated institutions are required … external consultants. This is specifically permitted under CPS 510. Yet, we often see boards relying on management to …
APRA to step up scrutiny of climate risks after releasing survey results
… within existing prudential risk management standards CPS 220 and SPS 220, and supervisors will be factoring this …
APRA Executive Board Member Suzanne Smith - Speech to the ICA conference 2024
… the implementation of cross-industry “Prudential Standard CPS 230 – Operational Risk”, commencing in July 2025. This … example, that ties together the key elements across FAR, CPS 230 and broader governance requirements, is a focus for …
Opening Statement to the House of Representatives Standing Committee on Economics - October 2024
… their defences and response capability – in line with the CPS 234 Information Security prudential standard – is … risks and respond to business disruptions. The new CPS 230 Operational Risk Management prudential standard will …
APRA Chair Wayne Byres - Speech to RMA Australia CRO Conference
… detrimental impact on the community, Prudential Standard CPS 230 Operational Resilience seeks to ensure that financial … customers and the broader financial system. In particular, CPS 230 establishes new requirements for each financial … the mandate of a prudential supervisor. The advent of CPS 220 Risk Management with its requirement for boards to …
APRA Deputy Chairman, John Lonsdale - Speech to the 2019 Actuaries Summit
… In a matter of weeks, APRA’s new cross-industry standard, CPS 320 Actuarial and Related Matters, comes into effect . … standard. The outcome was the new prudential standard CPS 320, which takes effect from 1 July. One of the most … act as a trusted advisor to the board. Other provisions in CPS 320 are aimed at giving Appointed Actuaries the …
APRA Member Margaret Cole - Speech to the Financial Services Council Policy Briefing
… and labour shortages. The proposed Prudential Standard CPS 230 Operational Risk Management (CPS 230) will replace five existing standards including the … important issue for this industry. Chapter four of the CPS 230 discussion paper is particularly significant as it …
Quality data as an asset for boards, management, and business
… Data Risk, and data featuring as a key risk type in CPS 234 Information Security and more recently in CPS 230 Operational Resilience. To date, APRA’s supervisory … to continue its focus on data risk management through CPS 230. Data risk is a key consideration under operational …
How to manage compliance risk and stay out of the headlines
… management framework to manage risk. Prudential Standard CPS 220 Risk Management sets out APRA’s requirements in … management framework of an APRA-regulated institution. CPS 220 specifically requires that entities have an … and gives a voice to compliance management, supporting CPS 220’s requirement for an independent compliance function. …
Opening Statement to Senate Economics Legislation Committee - November 2024
… cohort to improve their cyber defences (in accordance with CPS 234 Information Security ) and operational resilience. The new CPS 230 Operational Risk Management standard comes into …
APRA Executive Board Member Suzanne Smith - Members Health Directors' Professional Development Program
… not meeting Information Security Prudential Standard CPS 234, based on the results of independent reviews and … capabilities through implementation of Prudential Standard CPS 230 Operational Risk Management (CPS 230). In summary, we want to see you remaining vigilant …
APRA releases survey results assessing management of risks associated with climate change in the financial sector
… including consulting on amending Prudential Standards CPS 220 and SPS 220 Risk Management to include climate risk …