The Australian Prudential Regulation Authority has finalised its cross-industry guidance on operational resilience after a consultation with insurers, banks, superannuation trustees and other stakeholders. 

New prudential practice guide CPG 230 Operational Risk Management is designed to assist with the implementation of prudential standard CPS 230 Operational Risk Management, which takes effect from July 1 next year.

APRA chair John Lonsdale says operational resilience is increasingly important in the digital age.

“Disruptions to financial services can have a major impact on people who rely on them to save, spend, recover from financial loss or support themselves in retirement,” he said.

“CPS 230 is designed to ensure entities safeguard the resilience of their operations and are well prepared to respond to disruptions. By amending the accompanying guidance, we aim to keep industry standards high while also being mindful of the compliance burden on smaller entities so they can remain competitive.”

Click here for the guide.