APRA CPG 235 applies to all financial institutions, including any entity that engages in activities related to the offering and/or administration of deposit products and/or insurance products in Australia. The purpose of CPG 235 is to ensure that financial institutions effectively manage their information security risks, which can be done by implementing effective controls over personal information held or accessed by an organization and those who have access to this information.
It’s not just about ensuring compliance with APRA CPG 235; it’s also about protecting your business reputation (and the reputation of the financial industries overall), and complying with CPG 235 can help you with other regulations such as GDPR.
A holistic approach at each stage of the data lifecycle can help companies meet their CPG 235 requirements
Clause 27 of CPG 235 specifies that regulated entities must be able to present their understanding of the flow of data and processing undertaken within their enterprise (i.e. data lineage). To meet your CPG 235 requirements, you have to understand the whole lifecycle of your data and demonstrate this to the regulator. This means being able to answer questions like:
Where does my data come from?
What are the processes that link one activity or participant with another?
How can I track my data as it moves through these processes?
To answer these questions, you can use Alex Solutions Automated Data Lineage. It shows what data is created or ingested in each process step, who uses the information, how it is transformed and where it goes next. The diagram also shows whether there are any gaps in your tracking system—places where it’s not clear how you’re gaining access to or using particular pieces of information.
APRA instituted CPG 235 Managing Data Risks to leverage data governance standards to help ensure the safety and stability of banks as well as the financial system.
Alex is tailored to help you comply with APRA Data Regulation CPG 235. It’s a unique solution that manages your entire data lifecycle by automatically creating a single record of all your data from capture through to disposal. With Alex, you can:
Create and maintain a single system of record for all assets
Use AI-powered machine learning algorithms to detect and prevent errors (e.g., duplicate assets) in real time
Automatically generate reports on compliance metrics such as sensitive data at risk
Ensure compliance with APRA Data Regulation CPG 235 by tracking and reporting on the location and movement of all assets throughout your enterprise