Australia’s New Operational Risk Rules Shift Focus to Real-World Disruptions
Australia’s banks, insurers, and superannuation funds are officially on the hook for doing a lot more than hoping things don’t go wrong. With the Australian Prudential Regulation Authority’s CPS 230 Operational Risk Management now in effect, financial institutions must prove they’re ready to weather disruptions that could bring the system, and millions of lives, to a standstill.