CPS 230 | ReadiNow

The APRA's cross-industry Prudential Standard CPS 230 Operational Risk Management, has been designed to strengthen the management of operational risk by all APRA-regulated entities. As experienced providers in GRC solutions, ReadiNow engages with many of the Australian financial institutions to tailored solutions that help transition seamlessly from their current operational frameworks to achieve full compliance with the CPS 230 standards, ensuring they meet regulatory requirements and best practices in the industry. ReadiNow can help by:

Conducting a CPS 230 gap analysis,
Assist in preparing an action plan for compliance, and
Assist in implementing technology to comply with CPS 230.

Having a fully integrated CPS 230 business management solution in place enables you to effortlessly and consistently optimise your CPS 230 requirements. This approach minimizes complexity, reduces risks significantly, and maximizes ROI. As a result, you consistently adhere to CPS 230 requirements while showcasing the advantages it brings.

Operational Resilience Modules:

Harness the power of automation to effortlessly manage all your
CPS 230 requirements
Auto-generate APRA notification reports
Executive-Level Insights with real-time Executive CPS 230
dashboards for Management and Board reporting
Leverage no-code automation for effortless control of Risk,
Business Continuity, Incident and Vendor Management

Key Objective: Improve the operational risk procedures, controls, and structure to align with the outcome-driven mandates of CPS 230. This is in accordance with the renewed emphasis on
maintaining the ability to operate amidst disruptions, rather than merely recovering from
them

CPS230 APRA-1200

Risk Management Module:
✓ Set Business objectives
✓ Define Risk taxonomy
✓ Centralise Risk & Control Library
✓ Assess Risk & Controls consistently
✓ Manage Treatment plans
✓ Measure Key risk indicators
✓ Linkages to incidents and near misses.

Key Objective: Strengthen business continuity strategies by pinpointing critical operations using the CPS 230 perspective (which encompasses functions deemed critical by APRA). Establish suitable tolerance thresholds for each function and increase testing responsibilities.

CPS230 BCM-1200

Business Continuity Module:
✓ Centralise list of critical operations
✓ Undertake Business impact analysis & set Tolerance levels
✓ Identify Processes and dependencies
✓ Manage Business continuity plans
✓ Plan Disruption scenarios
✓ Automate Rehearsals.

Key Objective: Conduct a comprehensive evaluation to determine which service providers are essential, specifically those necessary for a crucial operation or those that subject the entity to significant operational risk and implement appropriate performance measurements process. This perspective is broader than the existing notion of service providers handling an outsourced 'material business activity.

Vendor Management Module:
✓ Centralise Vendor registers, including Material service providers
✓ Manage Master service agreements
✓ Maintain Contract registers
✓ Undertake Vendor risk assessment
✓ Monitor Vendor KPI’s
✓ Manage Contracts.

Key Objective: Notify APRA of key events and service providers and that may affect operational resilience, and for APRA to develop a wide view of key concentration risks across the industry

CPS230 Exec-1200

APRA Notification Module:
✓ Autogenerate APRA notification reports
✓ Automatic reminders of upcoming and overdue notifications
✓ Historical record of all notifications sent.

CPS230 APRA-1200

CPS230 BCM-1200

CPS230 Exec-1200

APRA Notification Module:
✓ Autogenerate APRA notification reports
✓ Automatic reminders of upcoming and overdue notifications
✓ Historical record of all notifications sent.

“ReadiNow gives us the ability to link risks, obligations, incidents, issues, all of these things together so we can get a single level of insight and really be able to understand when an incident happened and how it impacts a risk. When a risk rating changes - how does that impact everything else? Bringing it all together in one platform - that's where the magic lies!”