APRA releases material service provider register template
The Australian Prudential Regulation Authority (APRA) has released a material service provider register template as announced in the Response to submissions – CPG Operational Risk Management publication in June 2024.
Following industry feedback, the template was developed to assist entities in demonstrating the linkages between their critical operations and the material service providers they rely upon. The use of the template is APRA’s preferred method for regulated entities to submit their registers to APRA for meeting the requirement of paragraph 51 of Prudential Standard CPS 230 Operational Risk Management (CPS 230).
A completed material service provider register is to be submitted back to APRA by authorised deposit-taking institutions (ADIs), superannuation trustees, and insurers by 1 October 2025.
The template is available on the APRA website at: Operational risk management.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.