Navigate APRA Compliance Effortlessly with Perpetuuiti
Is your organization prepared for APRA's new operational risk regulations by July 1, 2025?
Australia’s Prudential Regulation Authority (APRA) introduced CPS 230 to enhance the management of operational risk among Australian financial services organizations, as well as the Australian branches of foreign banks and insurers. This regulation sets itself apart from other operational resilience standards by comprehensively addressing operational risk, business continuity, and third-party risk management.
Organizations operating in Australia should collaborate with business continuity, risk, and compliance professionals to develop an effective action plan. APRA has reaffirmed its commitment to strengthening the resilience of critical operations and improving third-party risk management. Additionally, it has announced several changes to its guidance that will further support these objectives.
How Perpetuuiti enables organizations to meet APRA operational resilience guidelines
Banks, insurers, and superannuation trustees must comply with the new system standards set forth by APRA by July 1, 2025. These standards include:
Managing Operational Risks
Continuity Patrol enables organizations to enhance operational risk management by providing real-time monitoring, proactive vulnerability detection, and automated testing. It helps organizations prevent disruptions, ensuring critical functions remain operational. Detailed reporting on recovery metrics keeps organizations aligned with APRA's operational resilience requirements.
Maintaining Critical Operations
Continuity Vault enables the rapid creation and activation of robust contingency plans. By continuously monitoring operational performance and providing real-time alerts on potential disruptions, Continuity Patrol facilitates proactive interventions that minimize downtime and mitigate impacts on essential business services. Its automated testing capabilities ensure contingency plans are regularly validated and updated, enhancing the organization’s readiness to respond effectively to incidents and comply with regulatory standards. With comprehensive insights into system performance and incident response, organizations can confidently navigate disruptions while maintaining critical services
Third-Party Risk Management
Continuity Vault enables organizations to configure and automate risk monitoring of third-party providers using built-in control libraries and automated risk assessments. This capability ensures that organizations can conduct thorough due diligence of third parties in accordance with prescribed standards. Continuity Vault maintains a comprehensive register of information related to all contractual arrangements, ensuring conformance with contracting standards. Additionally, it provides continuous monitoring of risks, delivering detailed status and performance reports that include contract compliance metrics.
Risk Assessment of Internal Processes
Continuity Vault automates risk assessment, enabling organizations to effectively identify, assess, and manage risks stemming from inadequate or failed internal processes or systems. The customizable Risk Heat Map provides a clear overview of processes at risk, facilitating the identification of mitigation strategies. Additionally, Continuity Vault monitors treatment plan completion by sending reminders to responsible parties and escalating notifications until all activities are finalized.
Preventing Disruptions
Continuity Patrol enables organizations meet impact tolerance requirements by providing continuous monitoring and automated testing of critical business services. It ensures that these services can endure disruptions within predefined thresholds. By detecting potential risks early, it allows timely intervention before impact tolerances are exceeded.
Additionally, Continuity Patrol offers scenario-based planning, and resilience testing. It enables the proactive detection of potential risks and the swift execution of predefined protocols, reducing human error and ensuring consistent compliance. Moreover, by implementing recovery drills on demand, organizations can assess their readiness at any given time. These features not only help maintain operational continuity but also provide detailed metrics and ISO 22301 certified reports, demonstrating compliance with APRA standards and regulatory expectations.
Ensuring Service Provider Reliability
Continuity Vault enables organizations to assess the capabilities of service providers in meeting their prudential obligations through a structured evaluation process. By integrating performance metrics and compliance checks into a centralized dashboard, organizations can easily track vendor reliability and identify any potential risks.
Additionally, the suite provides alerts and notifications for any deviations in service performance, ensuring that organizations can proactively address issues before they impact critical operations. This ongoing monitoring ensures that service providers consistently meet established standards, reinforcing the organization's operational resilience and compliance with regulatory requirements
Considering these stringent requirements, Perpetuuiti is uniquely positioned to support organizations in navigating APRA’s operational resilience standards. Our comprehensive Operational Resilience Automation Platform offers robust solutions for managing operational risks, ensuring critical operations remain within tolerance levels, and enhancing third party risk management. With features designed to identify and mitigate risks associated with internal processes, Perpetuuiti enables organizations to adapt their systems proactively. By partnering with Perpetuuiti, financial institutions can build a resilient operational framework that not only meets regulatory demands but also enhances overall business continuity.