On the 27th September 2024 (AU time) Ardoq and Celonis announced a partnership which could be a game-changer for Australian financial service organisations grappling with APRA’s CPS 230 compliance requirements.
CPS 230 is all about ensuring “resilience to operational risks and disruptions,” and APRA mandates that financial institutions in Australia must identify, assess, and manage their operational risks. Sounds straightforward, right? But anyone in the industry will tell you that achieving this is far from simple.
The Compliance Challenges
There are too many challenges to list, but one of the biggest is understanding your business processes and how they deliver critical capabilities. That’s the first major hurdle in meeting compliance.
But what even makes up a process these days? Modern processes span multiple systems and touchpoints, and getting a clear picture of how everything connects can feel like trying to piece together a jigsaw puzzle. Imagine if you could automatically map every process into a digital twin of your organisation.
Now, take it a step further. CPS 230 requires ongoing process optimisation to ensure operational resilience. What if this could happen continuously, automatically recommending improvements to critical operations in real-time? And how about having access to live data from both IT systems and business processes to make informed, data-driven decisions on operational risks and compliance?
How Ardoq and Celonis Solve the Problem
Ardoq already offers a comprehensive digital twin of your organisation, giving you a clear view of your enterprise architecture. But the addition of Celonis’ data takes this to the next level. With this partnership, organisations can now test risk scenarios at a much deeper level using Ardoq’s scenario simulation tools. This means businesses can better prepare for and mitigate risks, making compliance with APRA’s strict standards far easier.
For APRA-regulated companies, the July 1 compliance deadline is fast approaching. The ability to align technology with critical business operations, manage their risks, and ensure real-time compliance needs to be in place well before this date. The Ardoq and Celonis integration can deliver an end-to-end, real-time solution that enables:
Full visibility into how IT supports critical business operations.
Automated reporting and auditing, making the compliance process smoother.
Proactive risk management, helping organisations stay ahead of potential disruptions.
About Willtures
Proudly Australia’s first certified Ardoq implementers, Willtures is here to help you navigate your compliance journey with ease. If you're looking to simplify your CPS 230 compliance initiatives, feel free to reach out for an obligation-free chat on how Ardoq can assist.
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