ISO 14064
International standards for GHG quantification, reporting, verification
APRA CPS 234
APRA prudential standard for information security resilience.
Quick Verdict
ISO 14064 provides global GHG accounting standards for all organizations, while APRA CPS 234 mandates information security for Australian financial entities. Companies adopt ISO 14064 for credible emissions reporting; CPS 234 ensures regulatory compliance and cyber resilience.
ISO 14064
ISO 14064 GHG quantification, reporting, verification standards
Key Features
- Modular three-part structure for inventories, projects, assurance
- Five core principles: relevance, completeness, consistency, transparency, accuracy
- Defines Scopes 1-3 organizational/operational boundaries
- Risk-based validation/verification under Part 3
- Aligns with GHG Protocol for interoperability
APRA CPS 234
APRA Prudential Standard CPS 234 Information Security
Key Features
- Board ultimate accountability for information security
- 72-hour notification for material incidents to APRA
- Commensurate controls based on asset criticality
- Systematic independent testing and assurance program
- Third-party capability assessment and oversight
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
ISO 14064 Details
What It Is
ISO 14064 (Parts 1:2018, 2:2019, 3:2019) is an international standard family for GHG quantification, reporting, and verification. It establishes a principle-based framework for organizational inventories, project reductions/removals, and assurance, emphasizing **five principlesrelevance, completeness, consistency, transparency, accuracy.
Key Components
- **Part 1Organizational inventories covering Scopes 1-3 emissions/removals
- **Part 2Project-level baselines, additionality, monitoring
- **Part 3Risk-based validation/verification with evidence gathering
- Aligned with GHG Protocol; modular, no fixed controls
Why Organizations Use It
- Enables regulatory compliance (CSRD, SB-253, ETS)
- Builds investor trust, supports green finance/carbon markets
- Identifies efficiency hotspots, manages climate risks
- Provides third-party assured credibility
Implementation Overview
- Phased: governance, boundary-setting, data collection, verification
- Applies to all sizes/industries; voluntary but audit-focused
- Involves training, software, external verifiers (ISO 14065)
APRA CPS 234 Details
What It Is
APRA Prudential Standard CPS 234 (Information Security) is a binding prudential regulation issued by the Australian Prudential Regulation Authority, effective 1 July 2019. It mandates APRA-regulated entities like banks, insurers, and super funds to maintain information security capabilities commensurate with threats to protect confidentiality, integrity, and availability of information assets. The approach is risk-based, emphasizing proportionality to asset criticality, sensitivity, and potential impacts.
Key Components
- Governance with Board ultimate accountability and defined roles.
- Policy framework, asset classification, and commensurate controls across lifecycle.
- Incident response plans, systematic testing, and internal audit assurance.
- Third-party assessments and 72-hour APRA notification for material incidents. No fixed controls; focuses on outcomes with evidence-driven compliance.
Why Organizations Use It
- Mandatory for APRA-regulated entities to avoid penalties, remediation orders.
- Enhances resilience, reduces incident impacts, builds customer trust.
- Strategic benefits: competitive differentiation, better vendor terms, cost avoidance.
Implementation Overview
Phased: gap analysis, governance, controls, testing, monitoring. Applies to all sizes in Australian financial sector; requires ongoing assurance, no formal certification but APRA supervision.
Key Differences
| Aspect | ISO 14064 | APRA CPS 234 |
|---|---|---|
| Scope | GHG emissions quantification, reporting, verification | Information security governance and cyber resilience |
| Industry | All organizations worldwide | Australian financial services (banks, insurers) |
| Nature | Voluntary international standard | Mandatory prudential regulation |
| Testing | Independent validation/verification optional | Systematic independent testing mandatory |
| Penalties | Loss of credibility/certification | Regulatory sanctions, fines, enforcement |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about ISO 14064 and APRA CPS 234
ISO 14064 FAQ
APRA CPS 234 FAQ
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