APRA simplifies prudential framework for cloud outsourcing and ad hoc credit reporting collection

The Australian Prudential Regulation Authority (APRA) has confirmed two steps towards simplifying the prudential framework. APRA has withdrawn the 2018 Information Paper ‘Outsourcing Involving Cloud Computing Services’ due to the upcoming Prudential Standard CPS 230 Operational Risk Management (CPS 230). CPS 230 will replace existing standards 231 and 232 and comes into effect on 1 July 2025.