Operational risk

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Principles on Outsourcing

IOSCO final report on updated outsourcing principles

International Association of Securities Commissions updated outsourcing principles for regulated entities that outsource tasks to service provides. The revised principles comprise a set of fundamental precepts and seven principles. The fundamental precepts cover issues such as the definition of outsourcing, the assessment of materiality and criticality, their application to affiliates, the treatment of sub-contracting and outsourcing on a cross-border basis.

Publisher: Global Standard-Setting Bodies Release date: Oct 2021

Type: Consultative, discussion and issues paper

Topics: Operational risk

Sectors: Securities

Operational Resilience: The Next Frontier for Supervisors

TC podcast presents an overview of operational resilience

Toronto Centre podcast explains how supervisors can assess a financial institution's operational resilience as part of their supervisory assessment, and discusses how operational resilience fits within a risk-based supervisory approach.

Publisher: Toronto Centre Release date: May 2021

Type: TC Videos

Topics: Operational risk

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

Operational Resilience: The Next Frontier for Supervisors?

TC Note presents an overview of operational resilience

Toronto Centre Note: i) outlines the definition of operational resilience; ii) explains why operational resilience is important for supervisors; iii) describes how some supervisors are beginning to take a more overarching approach to operational resilience; iv) shows how supervisors can assess a financial institution's operational resilience as part of their supervision; and v) discusses how operational resilience fits within a risk-based supervisory approach.

Publisher: Toronto Centre Release date: Apr 2021

Type: TC Notes

Topics: Operational risk

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

Principles for Operational Resilience

BCBS promotes principles-based approach to improving operational resilience

Basel Committee on Banking Supervision paper promotes principles-based approach to improving operational resilience. It aims to strengthen operational resilience by furthering international engagement and seeks to promote greater cross-sectoral collaboration.

Publisher: Global Standard-Setting Bodies Release date: Mar 2021

Type: Consultative, discussion and issues paper

Peer: Revisions to the Principles for the Sound Management of Operational Risk

Topics: Operational risk

Sectors: Banking

Revisions to the Principles for the Sound Management of Operational Risk

BCBS paper highlighting evolution of operational risk management since 2003

Basel Committee on Banking Supervision revised sound practice articulates principles from emerging industry practices and supervisory experience. Covers five overarching themes: i) governance; ii) risk management; iii) information and communication technology; iv) business continuity planning; and v) disclosure.

Publisher: Global Standard-Setting Bodies Release date: Mar 2021

Type: Sound Practice

Peer: Principles for Operational Resilience

Topics: Operational risk

Sectors: Banking, Insurance

Technology Risk Management Guidelines

MAS guidelines to promote sound practices and processes to keep pace with emerging technologies and shifts in the cyber threat landscape

Monetary Authority of Singapore revised guidelines focus on addressing technology and cyber risks in an environment of growing use by financial institutions (FIs) of cloud technologies, application programming interfaces, and rapid software development. The guidelines reinforce the importance of incorporating security controls as part of FI's technology development and delivery lifecycle, as well as in the deployment of emerging technologies.

Publisher: National Regulators Release date: Jan 2021

Type: Guideline

Topics: Operational risk

Sectors: Banking, Insurance

The PRA's Methodologies for Setting Pillar 2 Capital

PRA policy statement on its Pillar 2 capital requirements

UK Prudential Regulatory Authority statement of policy sets out the methodologies that the PRA uses to inform the setting of Pillar 2 capital for all PRA-regulated banks, building societies, designated investment firms and all PRA-approved or PRA-designated holding companies.

Publisher: National Regulators Release date: Dec 2020 Country: United Kingdom

Type: Supervisory Practice

Parent: Capital Requirements Directive - CRD IV, Capital Requirements - CRD IV/CRR – Frequently Asked Questions

Peer: Assessing Capital Adequacy Under Pillar 2

Topics: Operational risk

Sectors: Banking

Cloud Computing: Issues for Supervisors

TC Note discusses benefits of cloud computing

Toronto Centre Note contrasts the observed and potential benefits of cloud computing outsourcing with the supervisory concerns that its growth raises, particularly from the perspective of EMDE supervisors. It discusses the regulatory and supervisory responses and highlights next steps for supervisors.

Publisher: Toronto Centre Release date: Nov 2020

Type: TC Notes

Topics: Operational risk

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

Effective Practices for Cyber Incident Response and Recovery: Final Report

FSB toolkit of effective practices

Financial Stability Board toolkit of effective practices aims to assist organizations in their cyber incident response and recovery activities. Toolkit includes 49 practices for effective cyber incident response and recovery across seven components: i) governance; ii) planning and preparation; iii) analysis; iv) mitigation; v) restoration and recovery; vi) coordination and communication; and vii) improvement.

Publisher: Global Standard-Setting Bodies Release date: Oct 2020

Type: Consultative, discussion and issues paper

Topics: Operational risk

Sectors: Banking, Insurance, Pensions, Securities

The Use of Supervisory and Regulatory Technology by Authorities and Regulated Institutions

FSB report on use of RegTech and SupTech by FSB members and related institutions

Financial Stability Board report finds that technology and innovation are transforming the global financial landscape, presenting opportunities, risks and challenges for regulated institutions and authorities alike. The report includes 28 case studies giving practical examples of how SupTech and RegTech tools are being used.

Publisher: Global Standard-Setting Bodies Release date: Oct 2020

Type: Consultative, discussion and issues paper

Topics: Operational risk

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Resources

382 records

Principles on Outsourcing

Operational Resilience: The Next Frontier for Supervisors

Operational Resilience: The Next Frontier for Supervisors?

Principles for Operational Resilience

Revisions to the Principles for the Sound Management of Operational Risk

Technology Risk Management Guidelines

The PRA's Methodologies for Setting Pillar 2 Capital

Cloud Computing: Issues for Supervisors

Effective Practices for Cyber Incident Response and Recovery: Final Report

The Use of Supervisory and Regulatory Technology by Authorities and Regulated Institutions

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