Marsh has published a white paper offering “essential insights” into the prudential regulator’s new operational risk management standards.

CPS 230 takes effect in July next year, and the Australian Prudential Regulation Authority has warned the insurance industry to expect increased scrutiny on outsourcing of work to underwriting agencies or brokers.

Marsh says compliance with CPS 230 is “crucial in today’s ever-evolving regulatory landscape” and non-compliance risks reputational damage and regulatory penalties.

“CPS 230 compliance also helps entities identify and mitigate operational risks, ensuring the continuity of critical operations and protecting the broader financial system and economy.”

The broker says its guide is a “one-stop resource for unlocking the domains and requirements of CPS 230” and understanding its implications. Access the paper here.