A new standard for Australian financial institutions is here. Is your third-party risk management strong enough for compliance?
APRA's Prudential Standard CPS 230 is a regulatory requirement that aims to improve the resilience of financial institutions against disruptions. The new standard takes effect from July 1st, 2025.
UpGuard strengthens and simplifies CPS 230 compliance by helping you manage the third-party risks that threaten operational stability.
Rely on around-the-clock monitoring to detect vendor risks in real time.
Accelerate vendor assessments with time-saving automations.
Manage incidents and improve record keeping with end-to-end workflows.
You must identify critical operations, assess risks, and implement controls to prevent and respond to potential disruptions. As an institution, you must regularly update your risk profiles to reflect any changes in your operations or risk environment.
Your plan should be regularly updated and tested to ensure it remains effective against new threats. You are required to keep a complete register of all critical operations, including those managed by third parties, to maintain service continuity for customers.
Detect, document, and react to risks with confidence.
Your organisation must identify key service providers, assess risks, and develop strategies to reduce any negative impacts on operations. Ongoing monitoring and quick response to incidents are crucial for staying compliant with the standard.
UpGuard reduces the complexity of managing service providers and speeds up response times.