cps
Opening Statement to Senate Economics Legislation Committee - October 2023
… new capital framework, our new operational risk standard (CPS 230) and our standard on recovery and exit planning (CPS 190). Our efforts to modernise the prudential …
Optus data breach: update for APRA-regulated entities following Federal Government announcement
… to provide written attestation to APRA Prudential Standard CPS 234 Information Security, in the context of accessing …
APRA consults further on the role of the Appointed Actuary and actuarial advice to insurers
… standards with a streamlined, cross-industry standard (CPS 320) and an accompanying prudential practice guide. APRA …
How super trustees can improve management of outsourcing arrangements
… APRA has also recently released draft Prudential Standard CPS 230 Operational Risk Management (CPS 230) for consultation, which proposes to enhance and … guidance. More specifically, APRA has recently released CPS 230 for consultation. The findings from the review have …
APRA finalises updated guidance on information security
… of APRA’s new cross-industry prudential standard, CPS 234 Information Security , which comes into force on 1 …
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 …
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’s interim response to Medibank cyber breach
… not meeting the Information Security Prudential Standard CPS 234 as a result of the extensive independent review …
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 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 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 Member Suzanne Smith - Speech to Financial Services and ASX Sector Assurance Forum 2025
… APRA’s first prudential standard on information security, CPS 234, took effect, all APRA-regulated entities take cyber … A program of tripartite assessments of compliance with CPS 234, which wrapped up last year, revealed sector wide … and has response maturity been tested; and Are detailed CPS 234 incident notifications being lodged promptly? 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 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 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 …