Media Release

Service provider oversight under CPS 230 – ASFA and EY highlight new guidance for superannuation trustees

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/


About EY
EY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets.

Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow.
EY teams work across a full spectrum of services in assurance, consulting, tax, strategy and transactions. Fueled by sector insights, a globally connected, multidisciplinary network and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories.

All in to shape the future with confidence.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws.

For more information about our organization, please visit ey.com.

Derek Thompson

Via live link

Best Selling Author, Podcast Host of 'Plain English'

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Few speakers can match Derek Thompson‘s ability to synthesize mega-trends in society, labor, economics, technology, and politics. Put another way: Derek trawls the data sets and does the forecasting and deep reporting necessary to help us better understand how we live, how we vote, how we spend, and how we work.

In his paradigm-shifting #1 New York Times bestseller, Abundance (co-written with Ezra Klein), this award-winning journalist reveals how our policies and culture have pushed us into a world of scarcity (not enough housing, workers, or progress)—and offers a radical new path towards a world where housing is affordable, energy is plentiful, and innovation flourishes across industries.

He shares a compelling vision of a future where we have more than enough for everybody, and a practical, actionable roadmap for how to get there. It starts with taking more risks, building more expansively, and recognizing that we all have the power to create a world of abundance. “Everything’s utopian until it’s reality,” he says.

Carmen Beverley-Smith

Executive Director - Superannuation, Life & Private Health Insurance, APRA

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Carmen joined APRA in March 2023 and holds the role of Executive Director, Life and Private Health Insurance and Superannuation.  

She has had an esteemed career in financial services, spanning over 25 years. She has held diverse leadership roles at Westpac and Commonwealth Bank of Australia, including across risk, transformation and change, product and portfolio development, and sales and service. 

Prior to joining APRA, she held the role of General Manager, Risk Transformation Delivery Integration at Westpac. This involved leading the group-wide implementation of a suite of solutions to uplift risk management capability and develop data, analytics and reporting. 

Carmen leads with a values-driven approach and a particular interest in developing and mentoring talent. 

She holds a Bachelor of Commerce and Accounting, is a certified Chartered Accountant and a Graduate of the Australian Institute of Company Directors. 

Amy C. Edmondson

Novartis Professor of Leadership and Management, Harvard Business School

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Amy C. Edmondson is the Novartis Professor of Leadership and Management at the Harvard Business School, a chair established to support the study of human interactions that lead to the creation of successful enterprises that contribute to the betterment of society.

Edmondson has been recognized by the biannual Thinkers50 global ranking of management thinkers since 2011, and most recently was ranked #1 in 2021 and 2023; she also received that organization’s Breakthrough Idea Award in 2019, and Talent Award in 2017.  She studies teaming, psychological safety, and organisational learning, and her articles have been published in numerous academic and management outlets, including Administrative Science Quarterly, Academy of Management Journal, Harvard Business Review and California Management Review. Her 2019 book, The Fearless Organization: Creating Psychological Safety in the Workplace for Learning, Innovation and Growth (Wiley), has been translated into 15 languages. Her prior books – Teaming: How organizations learn, innovate and compete in the knowledge economy (Jossey-Bass, 2012), Teaming to Innovate (Jossey-Bass, 2013) and Extreme Teaming (Emerald, 2017) – explore teamwork in dynamic organisational environments. In Building the future: Big teaming for audacious innovation (Berrett-Koehler, 2016), she examines the challenges and opportunities of teaming across industries to build smart cities. 

Edmondson’s latest book, Right Kind of Wrong (Atria), builds on her prior work on psychological safety and teaming to provide a framework for thinking about, discussing, and practicing the science of failing well. First published in the US and the UK in September, 2023, the book is due to be translated into 24 additional languages, and was selected for the Financial Times and Schroders Best Business Book of the Year award.

Before her academic career, she was Director of Research at Pecos River Learning Centers, where she worked on transformational change in large companies. In the early 1980s, she worked as Chief Engineer for architect/inventor Buckminster Fuller, and her book A Fuller Explanation: The Synergetic Geometry of R. Buckminster Fuller (Birkauser Boston, 1987) clarifies Fuller’s mathematical contributions for a non-technical audience. Edmondson received her PhD in organisational behavior, AM in psychology, and AB in engineering and design from Harvard University.

 

Daniel Mulino MP

Assistant Treasurer and Minister for Financial Services

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Born in Brindisi, Italy, Daniel was a young child when he moved with his family to Australia. He grew up in Canberra and completed his first degrees – arts and law – at the ANU. He then completed a Master of Economics (University of Sydney) and a PhD in economics from Yale.

He lectured at Monash University, was an economic adviser in the Gillard government and was a Victorian MP from 2014 to 2018. As Parliamentary Secretary to the Treasurer of Victoria, Daniel helped deliver major infrastructure projects and developed innovative financing structures for community projects.

In 2018 he was preselected for the new federal seat of Fraser and became its first MP at the 2019 election, re-elected in 2022 and 2025. From 2022 to 2025, Daniel was chair of the House of Representatives’ Standing Economics Committee in which he chaired inquiries; economic dynamism, competition and business formation and insurers’ responses to 2022 major floods claims.

In 2025, he became the Assistant Treasurer and Minister for Financial Services.

In August 2022, Daniel published ‘Safety Net: The Future of Welfare in Australia’, which aims to explore the ways in which an insurance approach can improve the effectiveness of government service delivery.