The Australian Prudential Regulation Authority (APRA) CPS-230 Operational Risk Management, outlines a minimum set of expectations to ensure that APRA regulated entities are resilient to operational risks and disruptions. CPS-230 sets out requirements to effectively manage operational risks, maintain critical operations through disruptions, and manage risks arising from service providers. Core systems are examples of ‘critical systems’ which need to be assessed for risk.
In this document, FINEOS provides an assessment of how clients can understand and mitigate against these risks through using the FINEOS Platform powered by Amazon Web Services (AWS) and describes how FINEOS policies and procedures are benchmarked against industry standards.
The FINEOS Platform is a Software-as-a-Service (SaaS) offering from FINEOS that provides a flexible, secure, and cost-effective way of managing Life, Accident and Health Insurers’ operations and includes New Business and Underwriting, Policy Administration, Billing and Claims.
