The Superannuation Industry is going through its largest disruption in 20 years, and that was before the global pandemic. New regulations brought on from the Royal Commission and the APRA inquiry, along with increasing expectations from members, have meant that firms need to rethink how they deliver their services.
As a leading provider of IT services to the Superannuation Industry, we have seen how technology has become the gateway for this change. It’s a reciprocal relationship – technology advances and benchmarks are set to ensure these new channels are serving members’ best interests, expectations are then heightened, and from these new technologies emerge.
Our Superannuation clients
Staying compliant with APRA regulations
What are the latest regulations that have impacted Superannuation funds?
APRA has detailed mandatory best practices that funds and institutions must adopt. These are non-negotiable and are audited for compliance annually. Funds need to evaluate the right fit technologies and partners to assist them in addressing these ongoing regulatory changes. These compliance requirements drive a high degree of risk management and due diligence when selecting technologies and partners.
CPS 234: Information Security
Since July 2019, all Superannuation funds must comply with the APRA Prudential Standard CPS 234, around information security. This standard requires funds to protect their environment from security breaches and cyberattacks, by understanding the threats and vulnerabilities of their IT environment and providing an appropriate level of security to meet the risk.
To find out exactly what you need to do to comply with this standard, Click Here
CPS 232: Business Continuity
This Prudential Standard mandates that Superannuation funds must always maintain an up-to-date business continuity plan that is whole-of-business and is appropriate to the size, mix and complexity of the fund’s operations. This plan is required to be fully documented, reviewed annually and subject to audit.
To find out exactly what you need to do to comply with this standard, Click Here
CPS 231: Due Diligence on Outsourcing
Superannuation funds must comply with the APRA Prudential Standard CPS 231 Outsourcing when outsourcing a material business activity — any activity that has the potential, if disrupted, to have a significant impact on the financial institution’s business operations or ability to manage its risks effectively.
To find out exactly what you need to do to comply with this standard click here, Click Here
How Brennan IT help Superannuation funds
We are specialists in providing ICT services to the Superannuation industry, with a strong track record of helping funds uplift and mature their IT environment. We build and manage customised solutions in order to deliver business continuity, security and compliance, in line with recommendations from the Royal Commission and evolving APRA regulations.
As Australia’s leading Managed Service Provider for 10 years consecutively, we have been delivering secure technology services to businesses for over 20 years. Early on, we recognised that for organisations to truly benefit from technology they need expertise in every ICT function and keep up with the rapid pace of change – an impossible task for most. Our approach to this is simple: we aim to make our clients’ lives easier, by removing technology challenges and allowing them to focus on what they do best: their business.
Regulatory compliance assessments to ensure you are fully covered under APRA
Our IaaS platform comes with a secondary backup solution as standard
Both our cloud platform and service desk are based in Australia
Our Security Guarantee offers complete protection with a cash-back rebate
What are the next steps?
Speak to us today to book in a discovery meeting with our experts and find out how your business can become fully APRA compliant.
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