CPS 230 para 16 Operational Risk Elements of the Risk Management Framework
As part of the risk management framework required by CPS 220 and SPS 220 the entity must develop and maintain operational risk governance, an operational risk profile assessment with a defined risk appetite supported by
3
artefacts
0
held by a system
0
at each review
hard
to go live
Document repository
where the evidence lives
teal = a system already holds it · olive = produced at each review
system holds itEvidence a system already holds
none for this control
periodic reviewEvidence produced at each review
none for this control
governing documentDocuments that govern the control
- Risk management framework documentation covering the six operational risk elements · Document repository
- Risk appetite statement with operational indicators, limits and tolerance levels · Document repository
- Escalation procedures for operational incidents and events · Policy repository / GRC workspace
First move
This control is evidenced by people and documents, not systems. Put the document under version control with an owner and review date, and log each review as a record with reviewer and date. Do not try to automate it.
Common gaps auditors find
- Operational risk appetite stated without indicators or limits
- Service provider processes sitting outside the framework
Do this for your whole sheet
Paste the rows you run your controls from and get this mapping for every control at once, with the periodic-review ones flagged and a first move per row. No account for the first run.
Build my evidence sheetCPS 230 para 15 Precondition for Reliance on a Service Provider · CPS 230 para 17 Review of Operational Risk Management