Bridging the CPS 230 Compliance Gap for a
Leading Superannuation Firm
Project: Development of a comprehensive strategy to comply with APRA's CPS230 Guidelines.
Challenges
Our client, a leading player in the Australian superannuation industry, faced significant challenges in assessing their compliance against the Australian Prudential Regulation Authority's (APRA) new Prudential Standard CPS 230. This standard, aimed at improving risk management practices among APRA-regulated entities, required substantial enhancement of data governance, risk management frameworks, and comprehensive data management strategies. With the compliance deadline looming, our client sought our expertise to assess current practices, identify compliance gaps, and develop a strategic remediation roadmap to ensure CPS 230 compliance within the stipulated time frame.
While our client is adept in handling traditional superannuation services they lacked the sophisticated data governance and risk management frameworks mandated by CPS 230.
We faced the task of quickly understanding the company's existing data architecture and risk management practices and crafted a tailored compliance strategy without disrupting ongoing operations.
Approach
Our approach involved a three-phase strategy:
- Diagnostic Phase with Intelligen’s CPS 230 Comprehensive Assessment
Comprehensive Assessment: Our team conducted workshops, interviews, and extensive documentation reviews to assess current data governance and risk management processes.
Gap Analysis: Identified areas of non-compliance and evaluated the extent of enhancements needed to meet CPS 230 requirements.
- Strategic Roadmap Development
Prioritisation Matrix: Developed a prioritisation framework, categorising compliance gaps from most urgent to least urgent based on risk severity and impact on the organisation.
Action Plan: Formulated a detailed action plan outlining steps for remediation, responsible parties, and timelines for each identified gap.
- Compliance MVP Implementation
Prototype Development: Created a MVP focusing on the most critical data governance and risk management gaps that could be quickly implemented.
Pilot Testing & Feedback Integration: Conducted pilot testing within select divisions and incorporated feedback to ensure the MVP effectively addressed compliance needs.
Solution
Our client leveraged our expertise across their risk, regulation and governance practice. We focussed on prioritising compliance activities economically, creating a compliance-oriented mindset and ensuring operational continuity.
Strategic Compliance Roadmap: Delivered a comprehensive, actionable roadmap to guide our client towards full CPS 230 compliance, categorically addressing urgent to least urgent compliance gaps.
Compliance MVP: Successfully deployed a functional MVP, significantly advancing their data governance and risk management capabilities and ensuring initial critical compliance milestones were met.
Ongoing Progress:
Provided a clear framework and actionable steps for continuous improvement, enabling not just CPS 230 compliance but also fostering a culture of enhanced risk management and data governance practices.
"Intelligen's intervention facilitated the progression from a state of potential non-compliance to a structured approach towards meeting APRA's CPS 230 requirements"
- Data Governance Manager
