In July 2023 APRA published its new Operational Risk Management Prudential Standard, CPS230, which comes into force on 1 July 2025. To date, there is no accompanying explanatory CPG230.
PFS Consulting discussed a draft CPS230 in September 2022 and provided further commentary after the final CPS230 was published in July 2023.
CPS230 applies to banks, insurers, and superannuation funds, so its relevance is universal across financial services. While the importance of specific risks may vary between entities, all face operational risks and operational risk events simply by virtue of being in business.
PFS continues to emphasise the opportunity for organisations to gain a sustainable value premium from effectively implementing CPS230 and
recognising the importance of improving and deepening their risk culture.