APRA CPS 230 Operational Risk Management for Risk Managers
What does APRA CPS 230 Operational Risk Management require of a Risk Manager?
APRA Prudential Standard CPS 230 Operational Risk Management sets out how APRA-regulated banks, insurers, private health insurers and RSE licensees manage operational risk, keep critical operations within tolerance through severe disruption, and manage the risk of material service providers. Under APRA CPS 230 Operational Risk Management, which defines 44 controls, a Risk Manager's work is deciding which controls you own outright, which you share and which belong to another team, then holding the evidence for the first group.
Which APRA CPS 230 Operational Risk Management controls land on the Risk Manager
Risk Managers identify, assess, and prioritise organisational risks. They build risk registers, conduct risk assessments, define risk appetite, and ensure that compliance frameworks address the most material threats to the organisation.
APRA CPS 230 Operational Risk Management defines 44 controls across 5 domains that directly affect the Risk Manager role. Understanding which controls fall within your ownership, which are shared, and which are owned by other teams is the foundation of effective compliance management.
What a Risk Manager is accountable for under APRA CPS 230 Operational Risk Management
Conducting enterprise risk assessments and maintaining the risk register
Defining risk appetite and tolerance levels with executive leadership
Mapping compliance controls to identified risks for coverage analysis
Monitoring key risk indicators (KRIs) and escalating emerging threats
Integrating compliance, operational, and strategic risk management
Where Risk Managers lose time on APRA CPS 230 Operational Risk Management
These are the most common obstacles Risk Managers face when managing APRA CPS 230 Operational Risk Management compliance, and how to address them:
Challenge 1
Quantifying cyber risk in financial terms that resonate with executives
Challenge 2
Identifying gaps between compliance control coverage and actual risk exposure
Challenge 3
Integrating risk data from siloed tools and departments
Challenge 4
Keeping risk assessments current as the threat landscape evolves
Challenge 5
Prioritising remediation when resources are limited
A working order for a Risk Manager starting on APRA CPS 230 Operational Risk Management
1. Readiness Assessment
Take a 5-minute readiness assessment to identify your organisation's current gap profile against APRA CPS 230 Operational Risk Management. Get a prioritised action plan tailored to your specific situation.
2. Cross-Framework Mapping
Use our platform to map APRA CPS 230 Operational Risk Management controls against other frameworks you already comply with. APRA CPS 230 Operational Risk Management maps to 273 other frameworks in our database.
3. Build Your Toolkit
Equip yourself with APRA CPS 230 Operational Risk Management toolkits, self-assessments, and implementation guides from our store. Resources designed specifically for Risk Managers managing compliance programmes.
4. Continuous Monitoring
Establish ongoing compliance monitoring using our platform's gap analysis tools. Track your maturity over time and demonstrate progress to stakeholders.
APRA CPS 230 Operational Risk Management in your sector
Who else owns part of APRA CPS 230 Operational Risk Management
Questions Risk Managers ask about APRA CPS 230 Operational Risk Management
What does a Risk Manager need to know about APRA CPS 230 Operational Risk Management?
How does APRA CPS 230 Operational Risk Management affect the Risk Manager role?
What are the biggest APRA CPS 230 Operational Risk Management challenges for Risk Managers?
How should a Risk Manager prepare for a APRA CPS 230 Operational Risk Management audit?
What tools help Risk Managers manage APRA CPS 230 Operational Risk Management compliance?
Risk Manager: How ready is your organisation for APRA CPS 230 Operational Risk Management?
Answer 25 questions and get a professional readiness report with gap analysis, maturity scores, and prioritised action items. Results in 5 minutes.