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Resilience in Focus: How Australian Boards Are Preparing for CPS 230

The article from TechRepublic discusses the implementation of CPS 230, a new prudential standard by the Australian Prudential Regulation Authority (APRA) aimed at enhancing operational resilience in the financial sector. CPS 230 mandates that all APRA-regulated entities, including banks, insurers, and superannuation funds, must ensure they can continue to operate through disruptions like cyber attacks, natural disasters, or pandemics. Key requirements include maintaining business continuity plans, managing third-party risks, and ensuring critical operations can resume within set tolerance levels. The standard also emphasizes the need for regular testing of these plans, incident management, and communication strategies. The article highlights that while the standard aims to bolster resilience, it also presents challenges in terms of compliance costs and the need for significant changes in operational practices. It also notes that APRA's approach is part of a broader global trend towards stricter operational resilience regulations in the financial industry.

Read the Full TechRepublic Article at [ https://www.techrepublic.com/article/resilience-australia-cps-230/ ]