APRA Prudential Standard CPS 230: Operational Risk Management
The aim of this Prudential Standard is to ensure that an APRA-regulated entity is resilient to operational risks and disruptions. An APRA-regulated entity must effectively manage its operational risks, maintain its critical operations through disruptions, and manage the risks arising from service providers. An APRA-regulated entity’s approach to operational risk must be appropriate to its size, business mix and complexity.
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The key requirements of this Prudential Standard are that an APRA-regulated entity must:
- identify, assess and manage its operational risks, with effective internal controls, monitoring and remediation;
- be able to continue to deliver its critical operations within tolerance levels through severe disruptions, with a credible business continuity plan (BCP); and
- effectively manage the risks associated with service providers, with a comprehensive service provider management policy, formal agreements and robust monitoring.
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| Jurisdiction | Australia |
|---|---|
| Type | Laws or related obligations |