Simplify Compliance and Enhance Efficiency
with CPS 230 Solution

Navigating Prudential Standard CPS 230 operational risk management compliance can be a challenging task for Australian financial institutions, especially when striving for commercial viability. Our tailored solution is designed to streamline compliance processes and enhance cost efficiency.

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 CPS 230 ushers in new expectations and reinforced requirements across three vital areas:

Operational Risk Management:

APRA mandates entities to demonstrate transparent risk management accountabilities, efficient operational risk processes, internal controls, and incident management procedures.

Business Continuity Planning (BCP):

Entities are required to clearly identify critical operations and consistently maintain and test their business continuity plans to ensure operational readiness.

Service Provider Management:

APRA expects entities to identify significant service providers and uphold clear policies and procedures for managing service provider risk. This includes identifying fourth parties and promptly notifying APRA of any new or modified arrangements with such providers.

While entities like the "big four" banks, due to their scale, might have an inherent advantage in aligning with CPS 230, it's a more challenging journey for regional banks, medium-sized insurers, and superannuation funds. For them, CPS 230 presents a substantial challenge, as their size and maturity make compliance more onerous compared to their larger peers. For some, the commercial viability of adhering to this standard remains uncertain.

Streamline CPS 230 compliance with our solution with us

Holocentric Connect helps organisations meet CPS 230 requirements to “identify and document the processes and resources needed to deliver critical operations”. We are also developing specific features with regulated entities and Three6 to streamlines CPS 230 compliance. 

Learn more about our CPS 230
operational risk management solution

We welcome you to explore the possibilities that our CPS 230 solution presents. For more insights into how our software can streamline your compliance and drive cost efficiency, please don't hesitate to connect with us. We look forward to partnering with you on this journey toward enhanced compliance and cost-effectiveness.
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