Regulatory Change (CPS230)

On 1 July 2025, financial services enter a new age with the commencement of CPS 230:Operational Risk Management. The requirements of this prudential standard reflect a paradigm shift in how operational risk and related issues are to be managed. The core requirement of resilience reflects the need to maintain critical ...

Why do a survey? All 300+ APRA regulated financial institutions are working on the challenges of CPS230 Long gestation period Its not over on 1 July 2025 Insurers, banks, super funds all working hard and face similar challenges

To meet the notification requirements of Prudential Standard CPS 230 Operational Risk Management APRA has developed and released electronic forms that should be completed by entities when notifying APRA of the following: Operational Risk Incident (para 33) Breach of Critical Operation Tolerance (para 42) New or change to a material arrangement and/or offshoring (para 59 (a) ...

The Australian Prudential Regulation Authority (APRA) has published a speech delivered this afternoon by Executive Director of Cross-industry Risk Chris Gower to the AFIA Risk Summit on the Gold Coast. In “Preparing for the long haul: operational resilience in a shifting geopolitical environment”, Mr Gower described how a “perfect storm” ...

CPS 230 signifies a pivotal transformation in Chubb's engagement with material third-party partners, particularly those with delegated underwriting, claims, and/or complaints handling authority. At Chubb, we view CPS 230 as an opportunity to enhance collaboration with our partners, including underwriting agencies. Its Introduction responds to the evolving risk landscape and ...

CPS 230 is a compulsory prudential standard issued by the Australian Prudential Regulatory Authority (APRA) which will come into effect on 1 July 2025.

With the imminent commencement of CPS230 for the insurance market in July 2025 and the heightened focus of the regulators on third party insurance distribution arrangements (from ASIC’s focus on end-to-end product governance under the DDO and cyber risk management to APRA’s pursuit of capital charges for poor oversight of ...

Insurance Compliance - July 2024 Understanding the impacts of APRA Prudential Standard CPS 230 (Operational Risk Management)

APRA's focus on insurers use of Underwriting Agencies (CPS 230) In a speech to the ICA Annual Conference in Brisbane on 16th October, APRA Executive Board member, Suzanne Smith said, 'a focus for APRA over the coming year: [is] the risk associated with outsourced underwriting to agencies.' What is CPS ...