Guide to APRA CPS 230: Operational Risk Management

An independent statutory authority, the Australian Prudential Regulation Authority (APRA) supervises financial and related institutions across the banking, insurance, and superannuation sectors.

APRA, accountable to the Australian Parliament, has been tasked with the duty to maintain the safety and soundness of the financial industry. What’s more, APRA is responsible for protecting the interests of depositors, policyholders, and superannuation fund members.

To promote the stability of the financial system, APRA works in tandem with other regulatory bodies, including the Australian Treasury, the Reserve Bank of Australia, and the Australian Securities and Investments Commission.

Entities APRA oversees

• Authorised deposit-taking institutions (such as banks, building societies, and credit unions)
• General insurers
• Life insurers
• Friendly societies
• Private health insurers
• Reinsurance companies
• Superannuation funds (other than self-managed funds)