13 April 2023 - Operational risk management

APRA releases an updated timeline for the implementation of new cross-industry Prudential Standard CPS 230 Operational Risk Management (CPS 230).

APRA received a range of feedback from regulated entities and other stakeholders during consultation, including a request for more time for preparation before the requirements come into effect. Accordingly, APRA intends to:

  • move the effective date for the new standard to 1 July 2025; and
  • provide transitional arrangements for pre-existing contractual arrangements with service providers, with the requirements in the standard applying from the earlier of the next contract renewal date or 1 July 2026.

APRA plans to release a final version of the standard, together with draft supporting guidance, in mid-2023.

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