EMAS
EU voluntary scheme for environmental management and audit
APRA CPS 234
Australian prudential standard for information security resilience.
Quick Verdict
EMAS drives voluntary environmental excellence via verified reporting for EU firms, while APRA CPS 234 mandates cyber resilience with strict testing for Australian financials. Organizations adopt EMAS for ESG leadership; CPS 234 ensures regulatory compliance and operational continuity.
EMAS
Regulation (EC) No 1221/2009 (EMAS III)
Key Features
- Mandatory validated public environmental statements
- Verified legal compliance with environmental legislation
- Core performance indicators for comparability
- Independent third-party verifier validation
- Continuous environmental performance improvement requirement
APRA CPS 234
APRA Prudential Standard CPS 234 Information Security
Key Features
- Board ultimate responsibility for information security
- Commensurate capability with threats and asset criticality
- Systematic independent testing and internal audit assurance
- 72-hour APRA notification for material incidents
- Third-party capability assessments and control evaluations
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
EMAS Details
What It Is
EMAS (Eco-Management and Audit Scheme) is EU Regulation (EC) No 1221/2009, a voluntary environmental management framework. It promotes continuous improvement in environmental performance through structured systems, evaluation, and transparent reporting. Built on ISO 14001 principles with added rigor, it uses a PDCA cycle enhanced by verification and public disclosure.
Key Components
- Initial environmental review of direct/indirect aspects
- Environmental policy, objectives, and programmes
- EMS implementation with employee involvement
- Internal audits, management review
- Six core performance indicators (energy, materials, water, waste, emissions, biodiversity)
- Annual validated environmental statements
- Independent verifier validation and Competent Body registration
Why Organizations Use It
- Demonstrates verified legal compliance and performance
- Reduces risks, operational costs via efficiency
- Enhances procurement, stakeholder trust, ESG reporting
- Provides regulatory relief incentives in some states
Implementation Overview
Phased approach: review, policy/programme development, EMS rollout, audits, verification. Applies to all sectors/sizes; SMEs have derogations. Requires 12-18 months typically, with ongoing annual validation.
APRA CPS 234 Details
What It Is
APRA Prudential Standard CPS 234 (Information Security) is a binding prudential regulation from the Australian Prudential Regulation Authority, effective 1 July 2019. It requires APRA-regulated entities to maintain information security capabilities commensurate with threats and vulnerabilities, minimizing impacts on confidentiality, integrity, and availability of information assets. The risk-based approach demands controls proportional to asset criticality, sensitivity, and lifecycle stage.
Key Components
- Board accountability and defined roles/responsibilities
- Information asset register, classification, and risk assessment
- Policy framework, commensurate controls, and third-party oversight
- Systematic testing, independent assurance, and remediation
- Incident response plans with annual testing
- 72-hour APRA notification for material incidents; 10 business days for unremediable weaknesses Outcomes-focused, no fixed control count; integrates with CPS 220/230.
Why Organizations Use It
- Mandatory for ADIs, insurers, super funds to avoid penalties, enforcement
- Enhances resilience, reduces operational risk, builds customer trust
- Enables competitive differentiation via robust governance
Implementation Overview
Phased: gap analysis, governance/policy design, asset/controls implementation, testing/assurance, continuous monitoring. Applies Australia-wide to regulated entities of all sizes; no formal certification but APRA audits evidence.
Key Differences
| Aspect | EMAS | APRA CPS 234 |
|---|---|---|
| Scope | Environmental management, performance reporting, continuous improvement | Information security, cyber resilience, incident response |
| Industry | All EU sectors, voluntary for any organization | Australian financial services (banks, insurers, superannuation) |
| Nature | Voluntary EU regulation with registration | Mandatory prudential standard with enforcement powers |
| Testing | Internal audits, independent verifier validation every 3 years | Systematic control testing, annual reviews, internal audit assurance |
| Penalties | Suspension or deletion from register | Fines, supervisory actions, license restrictions |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about EMAS and APRA CPS 234
EMAS FAQ
APRA CPS 234 FAQ
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