APRA CPG 235 Managing Data Risk: A Comprehensive Guide

Johnny Thai • Dec 15, 2023

CPG 235 Managing Data Risk: Navigating the Landscape of Data Governance.

Cybersecurity

They say 'data is the new gold,' and indeed, its value is immeasurable. To harness this value, data must be free of quality issues, adequately protected, and governed as a valuable asset. In the realm of data governance, the Australian Prudential Regulation Authority, APRA, introduced guidelines encapsulated in CPG 235 in 2013.

Fill in the below to Download The Guide

7 Key Aspects of Data Governance


1. Managing Data Risk

Data, as one of the most valuable assets for regulated entities, demands attention to information and IT risks. APRA emphasises the importance of implementing data risk management practices to apply adequate controls throughout the data lifecycle.


2. Implementation of Data Management Framework

Integral to a bank's change management initiative, the data management framework must become a business-as-usual process. Clearly defined roles and responsibilities, including chief data officers, data custodians, owners, and stewards, play a crucial role.


3. Generating Staff Awareness & Support

Firm-wide campaigns are essential to onboard non-data professionals, fostering adherence to policies and standards outlined in the data management framework.


4. Managing Risks throughout Data Lifecycle

Identifying and mitigating risks at each stage is crucial. Data lineage diagrams are invaluable, aiding in improving data quality, implementing controls, and automating processes.


5. Implementation of Controls & Validations

Transparency is key. Meta-data repositories with business glossaries, data transformation logic, and controls on data access ensure security, integrity, and fitness-for-purpose, especially in outsourcing or offshoring scenarios.


6. Managing Data Quality

A robust Data Quality (DQ) issue management framework is vital. Designated teams work towards identifying, resolving, and reporting DQ issues as part of business-as-usual processes.


7. Data Risk Assurance

In the final leg of CPG 235, APRA expects regulated entities to seek regular assurance that data quality is appropriate. Internal audit or independent functions conduct systematic assessments, ensuring effective data risk management over time.


Subscribe to our newsletter for updates and stay at the forefront of data governance practices. Adopt a holistic approach with CPG 235 Managing Data Risk, fortifying your data as a strategic asset.


Meeting CPG 235 APRA requirements with a holistic security solution - Forcepoint.

Meet CPG 235 Requirements

By Johnny Thai • 10 May, 2024
To fully meet CPG 235 requirements, Konverge recommends mapping lineage diagrams for regulated business processes. Forcepoint's automated data lineage identifies potential security gaps and optimises data handling for both efficiency and compliance.
APC blog post

Why APC Power Products Are Essential

By Johnny Thai • 24 Mar, 2024
Struggling to deploy IT infrastructure? APC Micro Data Centers offer a pre-configured, all-in-one solution.
Microsoft Copilot with Konverge.com.au

The Power of Microsoft Copilot with Konverge

By Johnny Thai • 07 Feb, 2024
Konverge is a Microsoft 365 expert and has helped many Australian businesses with their technology needs. Let us assist you with your journey into Microsoft 's latest game changer in operational efficiencies today.
Executive's Guide to Data Loss Prevention

Executive's Guide To Data Loss Prevention

By Johnny Thai • 17 Jan, 2024
Download this insightful whitepaper DLP implementation guide for a look at the latest data-breach trends: A practical look at current trends and how to be proactive in stopping data breaches. Five-phase framework: Learn the five steps to a successful DLP implementation through a risk-adaptive approach. Best practices to ensure success: Ways to attain measurable and practical results to achieve seamless execution. Assessing DLP vendors: Explaining the importance and benefits of dissecting the vendor's methodology.
Cloud Access Security Broker (CASB)

Cloud Access Security Broker

By Johnny Thai • 03 Jan, 2024
What is CASB? The pillars of CASBs. Threat protection in Australia. CASB solutions and legislation surrounding Australian entities in cybersecurity.
VAST

VAST Data Platform

By Johnny Thai • 06 Dec, 2023
Experience the world’s first deep learning data platform. With over 10 exabytes of data under management, VAST enables companies like Disney, Zoom, NASA, G42, and others to embrace a future where the boundaries of what’s possible are constantly redefined.
Essential Eight Strategies to Mitigating Cyber Threat

Essential Eight Strategies to Mitigate Cyber Security Incidents

By Johnny Thai • 19 Nov, 2023
We've mapped out how to practically implement eight essential mitigation strategies from the Strategies to Mitigate Cyber Security Incidents.
Forcepoint Third Party Cyber Risk and Management

Third Party Cyber Risks and Management

By Johnny Thai • 13 Nov, 2023
More than half of security leaders describe data visibility as a major concern. Some 60% said they had identified new security gaps. Nearly six in 10 organisations are struggling with employee-related cyber threats in the months since the pandemic began, with 48% reported phishing attacks in the first three months of the pandemic.
Forcepoint ONE Generative AI Security

Managing Data Risk

By Johnny Thai • 08 Nov, 2023
Explore how to manage data risk and be APRA CPG 235 compliant as increased sophisticated threats rise with the use of malicious generative AI tools for cyberattacks on Australian businesses. Read about Forcepoint ONE and how it plays an important role in your digital data protection.
Tactix banner

Tactix New Office Set Up

By Johnny Thai • 09 Oct, 2023
We've boosted Tactix's digital infrastructure with secure internet and network setup, implemented top-tier firewall security, and ensured seamless connectivity. Our cabling expertise has streamlined efficiency, while a state-of-the-art wireless network guarantees swift and reliable connections throughout their workspace. Tactix's meeting rooms are now fully equipped for productive collaborations, and every desk boasts docking monitor solutions, elevating productivity and facilitating seamless teamwork.
More Posts
Share by: