Resilience has emerged as a primary concern among boards at APRA-regulated institutions, alongside cybersecurity, reflecting a strategic shift towards effective operational risk management post-CPS 230.
The CPS 230 regulations mandate that institutions guarantee the continuity of essential operations during disruptions, thereby integrating technology management directly with operational resilience and risk strategies.
Jamie Simon from AWS noted, 'We’ve had quite a bit of time now to understand the intent of CPS 230 and to prepare customers, indicating significant industry readiness for upcoming changes.'
The shift in focus towards resilience at the board level illustrates a proactive approach by financial institutions in response to the increasing frequency of operational disruptions and cybersecurity threats.
#cps-230 #operational-risk-management #australian-financial-services #business-continuity #board-governance
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