Infographic - Strengthening operational resilience accessible version

This infographic is from the Discussion paper on Strengthening operational risk.

Objectives

Improve operational risk practices through enhanced focus of Boards and senior management.

Minimise the impact of disruptions to customers and the financial system.

Key features of CPS 230 Operational Risk Management

 

• Entities must manage operational risks with effective internal controls, monitoring and remediation
• Entities must be able to respond to disruptions and maintain continuity of critical operations
• Entities must understand and manage the risks from the use of service providers

Key outcomes for the community

Prepared – Identifying and effectively managing and responding to operational risk events reduces the impact of such events.

Protected – Disruptions and their associated impacts will be minimised through robust business continuity planning.

Resilient – Entities can continue to operate through disruption and provide key services to customers.

Implementation

Existing standards until 31 December 2023 

• CPS 231
• CPS 232
• CPS 234
• HPS 231
• SPS 231
• SPS 232.

Standards from 1 January 2024

• CPS 230
• CPS 234

APRA intends to consult on guidance in 2023.