The Australian Prudential Regulation Authority (APRA) has withdrawn its 2018 Information Paper on outsourcing related to cloud computing services. This move is in preparation for the upcoming Prudential Standard CPS 230, which will take effect on 1 July and introduce formal supervisory oversight for entities utilizing cloud service providers.
CPS 230 will replace existing standards on outsourcing and business continuity management, aiming to streamline regulatory requirements and clarify expectations for managing relationships with material service providers. The decision to rescind the 2018 paper follows industry feedback and is part of APRA’s broader effort to reduce regulatory burden.
In a separate development, APRA has concluded the collection of “ARF 923.0 Covid-19 Capital and Credit” data, with the final submission covering the period ending 31 January. This data collection was initiated in 2020 to assist banks in supporting customers during the pandemic. The cessation aligns with APRA’s ongoing review of temporary data collections and follows similar actions in 2023 and 2024.
Related topics
