Welcome to our upcoming webinar on the latest changes in the financial services industry in relation to operational risk. We are excited to partner with RegCentric to bring you the most comprehensive and up-to-date information on this topic.
With the ever-changing landscape of the financial industry, it is important to stay informed and be prepared for any new developments that may affect your business. Our expert speakers from Meta Risk Education and RegCentric will provide insights and practical tips on how to navigate these changes and ensure compliance with the new regulations.
Whether you are a seasoned professional or just starting in the industry, this webinar is a must-attend for anyone interested in staying ahead of the curve. Join us and discover how to effectively manage operational risks in the fast-paced world of financial services.
In July 2022, APRA released for consultation a new prudential standard, CPS 230 – Operational Risk Management, designed to strengthen the management of operational risk in the banking, insurance and superannuation industries with written submissions requested by 21 October 2022. CPS 230 is proposed to apply to all APRA-regulated entities in the banking, insurance, and superannuation industries from 1 January 2024.
The new cross-industry standard consolidates five existing Prudential Standards on outsourcing (CPS/SPS/HPS 231) and business continuity management (CPS/SPS 232) across the banking, insurance, and superannuation industries. CPS 230 will set out minimum standards for managing operational risk, including updated requirements for business continuity and service provider management. The proposed new standard for operational risk management, which will replace and supersede a number of existing standards in this area, encompasses operational risk controls and monitoring, business continuity planning and the management of third-party service providers. The aim of the standard is to: strengthen operational risk management, improve business continuity planning and enhance third-party risk management.
In this webinar, we will review the new prudential standard, CPS 230 – Operational Risk Management announcements, the implications to your organization and how to be prepared for 2024.
