Simplify and Automate APRA Prudential Standard CPS 230 TPRM Requirements with SecurityScorecard

Executive Summary

The Prudential Standard CPS 230, issued by the Australian Prudential Regulation Authority (APRA), is a regulatory framework designed to strengthen operational risk management, business continuity, and third-party risk management (TPRM) for APRA-regulated entities, including banks, insurers, and superannuation funds. CPS 230 aims to ensure organizations have comprehensive risk management frameworks to identify, assess, and mitigate operational and third-party risks, ensuring business continuity and resilience in the face of potential disruptions. Organizations must comply with CPS 230’s requirements by July 1, 2025.

CPS 230 focuses on enhancing operational resilience across financial and insurance sectors, with particular emphasis on third-party risk management to ensure service continuity and reduce risks associated with outsourced providers.