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The Australian Financial Services regulator the Prudential Regulatory Authority (APRA) continues to make its intentions now that it will strengthen supervision and enforcement of operational and cyber risk management practices. With the release of a new cross-industry Prudential Standard CPS 230 for Operational Risk Management in July 2023.
APRA makes clear that it is not happy with covered entities compliance to APRA standards and that covered entities should not delay in adopting CPS 230. APRA has also made clear that cybersecurity is a critical consideration for covered entities.
As someone that has designed and delivered Operational Risk and Cyber risk for global FIs, one can attest that its not a simple process. It requires clear ownership and governance from the board and down through its committee structures to the organizations RCSA processes. Risk management requires an organisation to adopt a risk management culture, boards to oversight, assure and attest compliance and meet the bars being set by global and industry regulators. That the APRA does not believe exists yet.
Ted Dziekanowski Rachel V. Rose, JD, MBA Bob Dix
#operationalrisk #cybersecurity #cyberriskmanagement #financialregulation
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