The Australian Prudential Regulation Authority (APRA) supervises Australia’s banks, insurers, and superannuation funds. It is funded by the Government but operates independently from it to provide an objective audit of how these companies are run and handle their risks.
On July 1, 1998, the Australian Government established APRA after an inquiry into the Australian financial system.
With prudential regulation, you can ensure the safety and soundness of financial institutions so that the community has confidence that they will meet their financial commitments under all reasonable circumstances.
Organisations that APRA oversees are:
Altogether, these institutions hold more than $4.9 trillion in assets, meaning APRA’s role in promoting stability and confidence has become essential for financial institutions and investors.
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The Australian Prudential Regulation Authority establishes a range of requirements in relation to prudential standards, which set out a number of requirements.
These include:
The Australian Prudential Regulation Authority establishes standards of prudence that must be adhered to by regulated institutions.
These are:
| Area of Governance | Prudential Standard | Prudential Practice Guide |
|---|---|---|
| Risk Management – 220 | CPS 220 RISK MANAGEMENT | CPG 220 RISK MANAGEMENT |
| Outsourcing – 231 | CPS 231 OUTSOURCING | CPG 231 OUTSOURCING |
| Business Continuity Management – 232 | CPS 232 BUSINESS CONTINUITY MANAGEMENT | |
| Pandemic Planning – 233 | CPG 233 PANDEMIC PLANNING | |
| Information Security – 234 | CPS 234 INFORMATION SECURITY | CPG 234 INFORMATION SECURITY |
| Managing Data Risk – 235 | CPG 235 MANAGING DATA RISK |
ISMS.online is clearly the tool for us to coordinate and control our information security and business continuity all in one place.
Prudential Standard CPS 234, also known as Information Security (CPS 234), was crafted to respond to the escalating cyber attacks in the financial sector worldwide and Australia.
The rise of online services and neobanks has brought about an increased need for controls.
APRA-regulated entities, such as banks and financial institutions, must take measures to be resilient against information security incidents, maintain an information security capability that is commensurate with the level of risk.
To minimise the likelihood & impact of information security incidents, you will need to introduce security requirements (and test their implementation) for various assets, such as those managed by related parties or third-party service providers.
You can read more about CPS 234 HERE.
This APRA Prudential Standard requires regulated institutions to manage and monitor business continuity risks, an integral part of the entire risk management system.
The standard also requires the regulated institutions to periodically document and maintain their business continuity plans.
Business continuity management can increase your institution’s or group’s resilience to business disruption and may reduce the impact on its operations, reputation, profitability, stakeholders (including depositors) and policies.
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