As financial institutions become increasingly dependent on third-party technology providers, regulators are placing greater emphasis on governance, operational resilience and oversight of critical service providers.
APRA's CPS230 Operational Risk Management standard introduces stronger expectations around identifying critical operations, managing service provider risk, maintaining evidence of oversight and demonstrating operational resilience.
ProductCloud helps organisations establish a practical governance framework to manage third-party providers, maintain supporting evidence and simplify ongoing oversight.
Designed for Practical Governance
The Third-Party Governance module was developed in response to a common challenge faced by financial institutions.
Many organisations were relying on large, complex spreadsheets to collect information from vendors, assess risk, track reviews and demonstrate compliance. These manual processes were time-consuming, difficult to maintain and quickly became out of date.
ProductCloud replaces disconnected spreadsheets with a governed, centralised platform that provides a consistent and auditable approach to managing third-party information.
A Single Source of Truth
ProductCloud enables organisations to maintain a single repository for third-party providers and critical service information, including:
- Service provider register
- Critical service classification
- Business ownership
- Contract information
- Review schedules
- Risk assessments
- Supporting evidence
- Governance history
Information is maintained once and made available to everyone who needs it.
Built Around Governance
Rather than simply storing documents, ProductCloud supports an ongoing governance process by helping organisations:
- Maintain complete vendor records
- Schedule periodic reviews
- Track ownership and accountability
- Capture governance decisions
- Maintain version history
- Store supporting evidence
- Demonstrate governance activities during internal or external reviews
This creates a living governance framework rather than another spreadsheet that quickly becomes outdated.
Supporting CPS230
While every organisation's operational resilience framework is different, ProductCloud helps support many of the governance activities expected under APRA CPS230 by providing a structured platform for managing information relating to critical service providers.
The platform assists organisations in maintaining current records, evidencing governance activities and improving visibility over third-party arrangements, while fitting within existing governance and risk management processes.
ProductCloud does not replace an organisation's risk management framework. Instead, it provides a practical governance layer that supports stronger operational resilience and more effective management of third-party information.
Why ProductCloud?
ProductCloud provides a modern alternative to spreadsheet-driven vendor governance by delivering:
- A single source of truth for third-party information
- Structured governance and review processes
- Centralised evidence management
- Improved visibility across critical service providers
- Reduced administrative effort
- Stronger governance and audit readiness
Request a Demonstration
See how ProductCloud helps financial institutions strengthen third-party governance and prepare for evolving operational resilience obligations.