The introduction of APRA’s Prudential Standard CPS 230 is raising concerns about its impact on smaller insurance agencies. While the standard is aimed at improving operational resilience for APRA-licensed insurers, it also affects those in the broader insurance ecosystem, including smaller agencies.
Smaller agencies may face challenges meeting the new compliance requirements due to limited resources. However, the article highlights that embracing technology to streamline compliance and risk management could help these agencies stay competitive.
Key Takeaways:
- Smaller agencies may struggle with CPS 230’s demands but can use tech solutions to simplify compliance.
- Proactive preparation and operational resilience are crucial for staying ahead of the regulatory curve.
Read the full article here: Is CPS 230 a Threat to Smaller Agencies?.