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What is CPS 234 tripartite review?

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What is CPS 234 tripartite review?

CPS 234 Tripartite Review is a one-time review mandated by the Australian Prudential Regulation Authority (APRA) to ensure that regulated entities comply with the Information Security Standard CPS 234.

This review involves three parties: the regulated entity, the independent auditor, and APRA.

The purpose of the review is to assess the regulated entity’s compliance with the requirements of CPS 234. This includes evaluating the entity’s information security policies, procedures, and controls, as well as the implementation of these measures.

The review also includes a review of the entity’s risk management processes, and the adequacy of the entity’s governance structure. The review is conducted by an independent auditor who is appointed by the regulated entity, and is overseen by APRA. The independent auditor is required to submit a report to APRA, which outlines their findings and any recommendations for improvement.

The report must also include a statement of assurance that the entity is compliant with the requirements of CPS 234. The CPS 234 Tripartite Review is an important part of ensuring that regulated entities are compliant with APRA’s requirements, and that they are taking appropriate measures to protect the security of their customers’ information.

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