Coinciding with the inaugural Spotlight on Operations event, ASFA and Ernst & Young, Australia (“EY”) have highlighted the recent release of new guidance that will help the superannuation industry navigate key aspects of APRA’s new prudential standard, CPS 230 Operational Risk Management.
With the 1 July 2025 start date for CPS 230 fast approaching, ASFA and EY have worked together to support superannuation trustees in navigating and complying with the strengthened regulatory obligations around the oversight of material third-party service providers.
A key component of this involves increasing industry awareness of the different types of assurance that may be provided by different types of service providers.
The new guidance note outlines the various types of assurance available, how trustees can use these to satisfy themselves their outsourced arrangements are CPS 230 compliant, and how to address any potential shortcomings.
The guidance note will also help raise awareness among those providing services to superannuation funds regarding trustees’ assurance expectations.
ASFA CEO Mary Delahunty said: “CPS 230 represents a significant uplift to the regulatory requirements for operational risk management, including management of third-party risk.
“Outsourcing of key services has always been a feature of our superannuation industry, so trustees understand the need to ensure outsourced providers of key services are closely monitored, given their important role in providing services to fund members.
“Implementation of CPS 230 is not merely a compliance task, but an important opportunity for trustees to further evolve their risk management frameworks, reflecting the superannuation industry’s key role in servicing Australians,” Ms Delahunty said.
“We are delighted that the EY team has worked with us to deliver this practical tool to support trustees of superannuation funds as they implement these important reforms.”
Maree Pallisco, EY National Superannuation Leader, said: “The introduction of CPS 230 provides a real opportunity for the Australian superannuation industry to enhance its culture of operational resilience, but achieving this will require trustees and service providers to work together in new ways to better identify, report on and manage risks.
“With the implementation date fast approaching, it’s important that trustees develop a clear strategy for overseeing their fund’s material third-party service providers – one that enables them to meet the refreshed standards and support the ongoing management of operational risks and resilience.”
The guidance note is available on the ASFA website.
For further information, please contact:
Richard Garfield
Association of Superannuation Funds of Australia (ASFA)
Phone: 0451 949 300
Email: mediaunit@superannuation.asn.au
Cameron Rushworth
Ernst & Young, Australia (EY)
Phone: 0407 345 280
Email: cameron.rushworth@au.ey.com
About ASFA
The Association of Superannuation Funds of Australia (ASFA) is the peak policy, research, and advocacy body for Australia’s superannuation industry. ASFA’s mission is to ensure the superannuation system delivers the best retirement outcomes for its members, representing the interests of fund members, trustees, and the superannuation industry at large.
For more information, please visit: https://www.superannuation.asn.au/
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