Navigating CPS 230: How Risklogic Empowers Organisations on Their Compliance Journey

As the CPS 230 Operational Risk Management standard takes effect, organisations regulated by APRA (Australian Prudential Regulation Authority) are facing a significant transformation in how they manage and mitigate operational risks. The new requirements, which were finalised in July 2023 and come into effect on 1 July 2025, presents both a challenge and an opportunity for organisations to strengthen their Operational Resilience.

At Risklogic, we’re working closely with organisations to guide them through the journey of aligning with CPS 230. While the deadline is fast approaching, it’s not too late to take decisive action. Here’s how Risklogic is supporting businesses to meet these requirements with confidence.

What is CPS 230?

CPS 230 is APRA’s new cross-industry prudential standard designed to ensure regulated entities manage operational risk, business continuity, and third-party arrangements effectively. Key requirements include:

• Operational Risk Management: Establishing robust frameworks to identify, manage, and mitigate risks.
• Business Continuity Planning: Ensuring organisations can maintain critical operations during disruptions.
• Third-Party Risk Management: Implementing strict controls to manage risks associated with outsourcing and third-party arrangements.

The standard applies to all APRA-regulated entities, including banks, insurers, and superannuation funds.

The CPS 230 Compliance Timeline

The final standard was issued in July 2023, giving organisations a two-year lead time to implement the required changes. The clock is ticking, with compliance mandatory from 1 July 2025. While many organisations have started this journey, some are still in the early stages, and time is running out to ensure readiness.

How Risklogic is Helping Organisations Navigate CPS 230

Here’s how we’re making a difference for our clients to achieve compliance:

1. Gap Assessments and Roadmaps

We begin by assessing where your organisation stands today against CPS 230 requirements. This includes:

• Identifying gaps in existing Operational Risk management, continuity planning, and material service provider framework.
• Developing a clear, actionable roadmap to bridge these gaps before the compliance deadline.

Our experts ensure you know exactly what needs to be done and when.

2. Strengthening Operational Risk Frameworks

CPS 230 demands a comprehensive approach to operational risk. Risklogic assists in:

• Design and/ or upliftment of tailored risk management frameworks to align with prudential standard requirements.
• Establishing monitoring and reporting mechanisms to track risks and ensure continuous improvement.

We ensure your frameworks not only meet regulatory expectations but also enhance overall resilience.

3. Enhancing Business Continuity Plans

The standard emphasises the importance of continuity of critical operations. Risklogic provides support by:

• Conducting business impact analysis for identification and documentation of critical operations and related sub processes.
• Developing and testing business continuity plans tailored to severe but plausible scenarios.
• Ensuring preparedness for quick and effective recovery from disruptions.

With Risklogic, your business continuity planning becomes a competitive advantage.

4. Management of Material Service Providers

Third-party arrangements are a key focus of CPS 230, requiring robust due diligence and monitoring. Risklogic helps by:

• Reviewing existing supplier and service provider framework and arrangements.
• Enhancing current frameworks to align with regulatory requirements.
• Establishing ongoing monitoring processes to ensure compliance and performance.

We empower organisations to confidently manage their third-party dependencies.

5. Training and Engagement

Cultural alignment is crucial for CPS 230 compliance. Risklogic provides:

• Training programs for staff at all levels to build awareness and understanding of CPS 230 requirements.
• Workshops for leadership teams to embed operational risk management into organisational strategy.

We help create a culture where compliance becomes second nature.

It’s Not Too Late to Act

While the CPS 230 compliance deadline is looming, there is still time to act. Risklogic’s proven methodology and expert guidance ensure your organisation can meet the deadline with confidence and avoid the risks of non-compliance.

The journey to compliance isn’t just about meeting regulatory requirements—it’s about strengthening your organisation’s resilience and protecting your stakeholders.

Ready to Get Started?

At Risklogic, we’re here to support your CPS 230 journey, no matter where you are in the process. Contact us today to learn how we can help your organisation navigate these changes and emerge stronger, more compliant, and more resilient.

📞 Contact Risklogic to begin your compliance journey today.