Compliance function

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Prudential Practice Guide on Risk Management

APRA sound practice outlines prudent practices related to risk management

Australian Prudential Regulation Authority sound practice assists APRA-regulated institutions in complying with its Prudential Standard on Risk Management and outlines prudent practices in relation to risk management. Discusses: i) risk governance; ii) risk management culture; iii) risk management framework; iv) risk appetite; and v) risk management strategy.

Publisher: National Regulators Release date: Apr 2018 Country: Australia

Type: Sound Practice

Topics: Risk management, Corporate governance, Compliance function

Sectors: Banking, Insurance

Using Technology to Achieve Smarter Regulatory Reporting

FCA consultation on using technology for more efficient regulation

UK Financial Conduct Authority consultation on how technology can make it easier for firms to meet their regulatory reporting requirements and improve the quality of the information they provide. Examines re-shaping current regulatory processes and systems.

Publisher: National Regulators Release date: Feb 2018 Country: United Kingdom

Type: Consultative, discussion and issues paper

Topics: Compliance function, FinTech

Sectors: Banking, Insurance, Pensions, Securities

Deadline for comments: Jun 2018

ESMA Alert on Involvement in Initial Coin Offerings (ICOs) and Need to Meet Regulatory Requirements

ESMA statement alerts firms involved with ICOs of the need to comply with relevant EU legislation

European Securities and Markets Authority statement draws attention of firms involved in Initial Coin Offerings (ICOs), means by which to raise funds for new cryptocurrency schemes, to the fact that they may be engaged in regulated activities. Provides a high-level overview of key European Union legislation that may apply.

Publisher: Regional Standard-Setting Bodies Release date: Nov 2017

Type: Consultative, discussion and issues paper

Peer: ESMA Alert on the High Risks of Initial Coin Offerings (ICOs)

Topics: FinTech, Compliance function

Sectors: Securities

Regulatory Sandboxes

TC note on the use of regulatory sandboxes as a means to pilot financial inclusion

Toronto Centre note explains key concept underlying regulatory sandboxes and highlights recent developments worldwide in their use for testing financial innovations that may not adhere neatly to existing regulatory frameworks. It discusses possible sandbox objectives, different sandbox operating models, and potential benefits and risks. It seeks to help authorities to identify issues that need to be taken into consideration when making decisions on creating, designing and operating a regulatory sandbox.

Publisher: Toronto Centre Release date: Oct 2017

Type: TC Notes

Topics: Financial inclusion, Compliance function, Operational risk, Transparency and disclosure, FinTech

Sectors: Securities, Insurance

Regulatory Sandbox Lessons Learned Report

FCA report on insights and lessons learned on testing the regulatory sandbox launched in June 2016

UK Financial Conduct Authority report assesses extent to which the regulatory sandbox has met its objectives. Report: i) explains how the sandbox operates; ii) discusses impact on the market and insights from the first year of testing; and iii) explains limitations firms have faced when testing in the sandbox.

Publisher: National Regulators Release date: Oct 2017 Country: United Kingdom

Type: Implementation

Peer: Regulatory Sandboxes , FCA Regulatory Sandbox

Topics: Financial inclusion, Financial market infrastructure, Compliance function, Transparency and disclosure

Sectors: Banking, Insurance, Pensions, Securities

Technology: New Challenges and Tools for Financial Supervision

TC Spanish-language webcast on the transformative effect of technology on the financial services industry and supervision

Toronto Centre Spanish-language webcast focuses on how technological innovation is transforming the financial services industry and its supervision. Discusses how the development of digital financial services is advancing the financial inclusion objectives through creating new challenges and new sources of risks, and how technology is bringing new tools that support the monitoring of risks and compliance work carried out by supervisors.

Publisher: Toronto Centre Release date: Oct 2017

Type: TC Videos

Topics: Operational risk, Risk management, Compliance function, Supervisory framework

Sectors: Banking, Insurance, Microfinance, Microinsurance, Pensions, Securities

Shariah Compliance Function

AAOIFI draft standard for creating and managing a Shariah compliance function

Accounting and Auditing Organization for Islamic Financial Institutions draft standard provides guidance for establishing and managing a robust Shariah compliance function within Islamic Financial Institutions (IFIs) and for standardizing the practices across the globe. Includes guidelines on establishing the Shariah compliance function with regard to the responsibilities and key considerations, along with the internal controls and processes within IFIs. Also details structure, scope and functioning of a Shariah compliance department, key functions and reporting lines.

Publisher: International Organizations Release date: Oct 2017

Type: Consultative, discussion and issues paper

Topics: Islamic finance, Compliance function

Sectors: Banking, Insurance, Securities

Deadline for comments: Nov 2017

FinTech, RegTech and SupTech: What They Mean for Financial Supervision

TC note provides an introduction to FinTech, RegTech and SupTech

Toronto Centre note provides introduction for financial authorities to better understand: i) context in which FinTech, RegTech and SupTech have been developing; ii) potential consequences of FinTech for financial supervision; iii) what RegTech means and how it could help financial supervision; iv) what SupTech means and how it could help improve supervision; v) emerging shift in supervisory approaches driven by RegTech and SupTech; and vi) initiatives to foster sound and effective FinTech, RegTech and SupTech.

Publisher: Toronto Centre Release date: Aug 2017

Type: TC Notes

Peer: Regulatory Sandboxes , SupTech: Leveraging Technology for Better Supervision

Topics: Financial inclusion, Financial market infrastructure, Supervisory framework, Supervisory structures, Compliance function, FinTech

Sectors: Banking, Insurance, Securities

Prudential Standard on Risk Management

APRA prudential standard on risk management for the banking and insurance industries

Australian Prudential Regulation Authority standard sets out key requirements of banks and insurance companies: i) maintain a risk management framework that is appropriate to the size, business mix and complexity of the institution or group; ii) maintain a board-approved risk appetite statement; iii) maintain a board-approved risk management strategy that describes the key elements of the risk management framework that give effect to the approach to managing risk; iv) maintain a board-approved business plan that sets out the approach for the implementation of the strategic objectives of the institution or group; v) maintain adequate resources to ensure compliance with this prudential standard; and vi) notify APRA of a significant breach of, or material deviation from, the risk management framework, or that the risk management framework does not adequately address a material risk.

Publisher: National Regulators Release date: Jul 2017 Country: Australia

Type: Standard

Topics: Risk management, Compliance function, Corporate governance

Sectors: Banking, Insurance

Modernizing Digital Financial Regulation

Aspen Institute report on regulatory sandboxes

The Aspen Institute's Financial Security Program report provides a comprehensive analysis of the global landscape for regulatory sandboxes (or RegLabs), a tool to modernize financial regulation and improve engagement with innovators. Examines legal and regulatory frameworks of RegLabs around the world, and reports on interviews with dozens of regulators, financial institutions and innovators.

Publisher: Others Release date: Jul 2017

Type: Consultative, discussion and issues paper

Peer: Regulatory Sandboxes

Topics: Financial inclusion, FinTech, Financial market infrastructure, Compliance function

Sectors: Banking, Insurance, Securities

Display # Page 1 of 3 Total: 30

Resources

382 records

Prudential Practice Guide on Risk Management

Using Technology to Achieve Smarter Regulatory Reporting

ESMA Alert on Involvement in Initial Coin Offerings (ICOs) and Need to Meet Regulatory Requirements

Regulatory Sandboxes

Regulatory Sandbox Lessons Learned Report

Technology: New Challenges and Tools for Financial Supervision

Shariah Compliance Function

FinTech, RegTech and SupTech: What They Mean for Financial Supervision

Prudential Standard on Risk Management

Modernizing Digital Financial Regulation

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