What It Is

ISO 19600:2014, titled Compliance management systems — Guidelines, is a non-certifiable international guideline from ISO. It provides scalable guidance for establishing, implementing, evaluating, maintaining, and improving a Compliance Management System (CMS). The primary scope covers all organization types and sizes, using a risk-based, principles-driven approach aligned with PDCA cycle and high-level structure.

Key Components

• Core pillars: context, leadership, planning, support, operation, performance evaluation, improvement.
• **Four principlesgood governance, proportionality, transparency, sustainability.
• Governance focus: compliance function independence, direct board access, adequate resources.
• No fixed controls; emphasizes obligations identification, risk assessment, culture embedding.
• Guidance model, not requirements; predecessor to certifiable ISO 37301.

Why Organizations Use It

Drives risk mitigation, operational efficiency, and governance signaling to regulators/courts. Builds stakeholder trust, integrates with other systems, supports penalty reductions. Strategic for demonstrating proactive compliance amid regulatory complexity.

Implementation Overview

Phased: gap analysis, policy/objectives, controls/training, monitoring/audits. Applicable universally; proportionate to size/complexity. No certification; internal benchmarking via audits/management reviews. (178 words)

What It Is

APRA Prudential Standard CPS 234 (Information Security) is a binding prudential regulation for APRA-regulated financial institutions in Australia. Effective from 1 July 2019, it requires entities to maintain information security capabilities commensurate with vulnerabilities and threats, minimizing impacts on confidentiality, integrity, and availability (CIA) of information assets, including those managed by third parties. It adopts a risk-based, assurance-driven approach with board accountability.

Key Components

• **GovernanceBoard ultimate responsibility; defined roles and policy framework.
• **Risk ManagementAsset classification by criticality and sensitivity.
• **ControlsLifecycle implementation commensurate with risks.
• **Incident ManagementDetection/response mechanisms; annual response plan testing.
• **Testing/AssuranceSystematic, independent control testing; internal audit reviews.
• **Reporting72-hour notification for material incidents; 10-day for control weaknesses. No fixed control count; principles-based, aligns with ISO 27001/NIST. Compliance via evidence and supervision.

Why Organizations Use It

• Mandatory for ADIs, insurers, super funds to avoid penalties, enforcement.
• Enhances cyber resilience, operational continuity, stakeholder protection.
• Builds trust, reduces incident risks, supports prudential outcomes.

Implementation Overview

Phased: gap analysis, asset inventory, controls, testing, third-party assessments. Applies to all regulated entity sizes in Australia; board oversight, internal audit essential; no certification but APRA scrutiny.