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Banking, Insurance and Life Insurance (prudential standard) determination No. 2 of 2014 - Prudential Standard CPS 232 - Business Continuity Management
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Turn the raw legal text into a practical explanation grounded in Banking, Insurance and Life Insurance (prudential standard) determination No. 2 of 2014 - Prudential Standard CPS 232 - Business Continuity Management.
A regulated institution must notify APRA as soon as possible and no later than 24 hours after experiencing a major disruption that has the potential to have a material impact on the regulated institution’s risk profile, or affect its financial soundness. The regulated institution must explain to APRA the nature of the disruption, the action being taken, the likely effect and the timeframe for returning to normal operations. The regulated institution must notify APRA when normal operations resume.
The information or notifications required by this Prudential Standard must be given in such form, if any, and by such procedures, if any, as APRA determines and publishes on its website from time to time.