Supporting our partners through operational risk change
Regulatory -
From 1 July 2025, APRA’s new CPS 230 standard will come into effect, introducing clear expectations for how APRA-regulated entities manage operational risk, respond to disruptions and oversee service providers.
At TAL, we recognise the importance of these changes, not only for your business but for the member outcomes we help you deliver. As your trusted partner, we’ve worked closely with you to understand how these requirements will apply in practice and to provide the support you need to meet them confidently.
Strengthening operational resilience through CPS 230
CPS 230 introduces a new framework for operational risk management across the financial services sector. The intent is to:
- Strengthen organisations’ risk frameworks, policies and processes
- Improve resilience in the face of disruptions
- Enhance oversight of third-party (and fourth party) service providers.
This regulation recognises the role external providers play in delivering financial products and services, particularly in insurance and superannuation. For super funds, this means greater visibility and assurance from partners like TAL, who are integral in supporting your members through key moments like claims and policy management.
A collaborative approach to readiness
Over the past two years, TAL has undertaken a comprehensive uplift program to align with CPS 230 expectations. Recognising our role to our Group partners, we’ve made engagement and collaboration central to our approach.
In November 2023 and March 2024, we hosted two CPS 230 Partner Roundtables to share our implementation plan, explore early findings and identify shared challenges. These sessions helped establish guiding principles around Material Service Provider (MSP) assurance, Critical Operations mapping and terminology alignment — all of which are key elements in ensuring a consistent approach across the industry.
These discussions have translated into meaningful deliverables that support transparency and readiness across our partnerships. So far, we have provided:
- Our CPS 230 Operational Risk Management proposal
- Draft Assurance Partner Report Template
- Confirmed Tolerance Levels
- Process maps for claims and complaints
- Draft updates for service contracts
Our readiness is built on three core priorities:
- Capability uplift: We've delivered focused training for Risk teams, operational staff and Senior Leaders to build understanding and readiness at all levels.
- Embedding change: Our network of Change Advocates plays a key role in supporting business units and ensuring changes are adopted into daily practice.
- Transition planning: As we move from preparation to business-as-usual, we are finalising a detailed readiness plan that includes updated training, tools and governance processes.
What this means for you
As your partner, our preparation means you can continue to rely on TAL with confidence.
From 1 July 2025, we will provide:
- Comprehensive annual assurance reporting
- Clear evidence of our business continuity practices and outcomes
- More information on how we manage third-party providers
CPS 230 is ultimately about trust between you and your providers, and between you and your members. Our preparation ensures we’re ready to meet these expectations and continue to confidently support you.
If you have questions or would like to understand how this change applies to your partnership with TAL, please contact your Partnership Manager.
This article is provided for information purposes only and does not constitute legal advice and should not be relied upon as such. Seek professional advice based on your own individual circumstances prior to relying on this information or making a decision.