APRA CPS 220 Risk Management
Strategy

APRA CPS 220 Risk Management CPS220-P30: Minimum Contents of the Risk Management Strategy

The risk management strategy must at least describe each material risk identified and the approach to managing it, list the policies and procedures dealing with risk management matters, summarise the role and responsibilities of the risk management function, describe the risk governance relationship between the Board, board committees and senior management with respect to the framework, and outline the approach to ensuring all persons in the institution are aware of the framework and to instilling an appropriate risk culture.

Maintained by Gerard BlokdykVerified against the published standard Control text last updated

What else in your programme already covers this

This control maps to 15 controls across 8 other frameworks. If you already hold one of them, the evidence you collected for it is the starting point here rather than new work.

NIST Cybersecurity Framework 2.0 · 4 controls

  • NIST-CSF-GV.PO-01 Policy for managing cybersecurity risks is established based on organizational context, cybersecurity strategy, and priorities and is communicated and enforced
  • NIST-CSF-GV.PO-02 Policy for managing cybersecurity risks is reviewed, updated, communicated, and enforced to reflect changes in requirements, threats, technology, and organizational mission
  • NIST-CSF-GV.RM-04 Strategic direction that describes appropriate risk response options is established and communicated
  • NIST-CSF-GV.RR-01 Organizational leadership is responsible and accountable for cybersecurity risk and fosters a culture that is risk-aware, ethical, and continually improving

SOC 2 · 3 controls

  • SOC2-CC1.1 CC1.1 Commitment to integrity and ethical values (COSO principle 1)
  • SOC2-CC2.2 CC2.2 Internal communication of objectives and control responsibilities (COSO principle 14)
  • SOC2-CC5.3 CC5.3 Deploying controls through policies and procedures (COSO principle 12)

NIST SP 800-161 Rev 1 · 2 controls

NIST SP 800-53 Rev 5 · 2 controls

C5 (Germany) · 1 control

Cloud Security Alliance Cloud Controls Matrix (CCM) v4.0.1 · 1 control

HIPAA Security Rule · 1 control

NIST SP 800-66 Rev 2 · 1 control

Every mapping shown was judged rather than inferred from wording similarity, and the ones that failed review are published too. See the coverage reports and what was rejected.

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The graph holds this control, the 15 it maps to, and the evidence behind each claim, over MCP and REST.

MCP endpointAll APRA CPS 220 Risk Management controls