Operational risk

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Guidelines on Outsourcing

Expanded guidelines on MAS expectations on outsourcing arrangements

Monetary Authority of Singapore guidelines provide expanded guidance on prudent risk management practices for outsourcing, including cloud-based services.

Publisher: National Regulators Release date: Jul 2016 Country: Singapore

Type: Guideline

Topics: Operational risk, Corporate governance

Sectors: Banking, Insurance, Securities

Guidance for Firms Outsourcing to the ‘Cloud’ and Other Third-party IT Services

FCA guideline clarifies requirements on firms that outsource IT functions

Financial Conduct Authority guidance for banks to oversee all aspects of the life cycle of outsourcing arrangements, from making decision to outsource, selecting an outsourcing provider, monitoring outsourced activities on an ongoing basis, andthrough to exit.

Publisher: National Regulators Release date: Jul 2016 Country: United Kingdom

Type: Guideline

Topics: Operational risk, Corporate governance

Sectors: Banking

Operational Risk Management

OSFI final guideline sets out expectations for operational risk management by banks and insurers

Office of the Superintendent of Financial Institutions of Canada guideline contains four key principles for effective operational risk management: i) fully integrate operational risk management within the overall risk management program; ii) use operational risk management to support the overall corporate governance structure, including developing an operational risk appetite statement; iii) ensure effective accountability for operational risk management; and iv) ensure comprehensive identification and assessment of operational risk through use of appropriate management tools that among other things provides a mechanism for collecting and communicating relevant operational risk information within the firm and to supervisory authorities.

Publisher: National Regulators Release date: Jun 2016 Country: Canada

Type: Guideline

Topics: Operational risk, Risk management, Corporate governance

Sectors: Banking, Insurance, Pensions

Cyber Security in Securities Markets

IOSCO consultation discusses regulatory approaches to cyber security and tools available to respond to cyber risk

International Organization of Securities Commissions discussion paper about regulatory approaches to cyber security. Covers key segments of securities markets, including issuers, trading venues, market intermediaries, asset managers and financial market infrastructures and addresses related regulatory issues, challenges and approaches. Also describes practices adopted by market participants. Report underscores issues and opportunities for cooperation and information sharing among market participants and regulators.

Publisher: Global Standard-Setting Bodies Release date: Apr 2016

Type: Consultative, discussion and issues paper

Topics: Operational risk, Risk management, Cyber risk

Sectors: Securities

Standardised Measurement Approach for Operational Risk

BCBS consultation proposes revisions to framework for operational risk

Basel Committee on Banking Supervision consultation sets out revisions to the proposed framework for operational risk. Specifically, it recommends removing the Advanced Measurement Approach (AMA) from the regulatory framework. Revised framework will be based on Standardized Measurement Approach (SMA), which is a single non-model-based approach to estimate operational risk capital.

Publisher: Global Standard-Setting Bodies Release date: Mar 2016

Type: Consultative, discussion and issues paper

Topics: Operational risk, Capital adequacy

Sectors: Banking

Deadline for comments: Jun 2016

RegTech in Financial Services

IIF report on technology solutions for compliance and reporting

Institute of International Finance study identifies areas in compliance and reporting functions where RegTech can have the largest benefits, including risk data aggregation, modelling and real-time transactions monitoring. Examines which new technologies are promising in tackling compliance challenges. Identifies barriers to adoption and development of RegTech, and suggests role for financial services industry, RegTech ventures and regulators and supervisors to promote use of RegTech.

Publisher: Others Release date: Mar 2016

Type: Consultative, discussion and issues paper

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

Sectors: Banking

Commonly Identified Consumer Protection Themes for Digital Financial Services

ITU report summarizes research, legal provisions, guidelines and similar resources related to consumer protection for digital financial services

International Telecommunications Union report identifies four common themes that policy makers and regulators should consider when developing laws, regulations or guidelines related to digital financial services: i) provision of information and transparency; ii) fraud prevention; iii) dispute resolution; and iv) data privacy and protection.

Publisher: Others Release date: Jan 2016

Type: Consultative, discussion and issues paper

Topics: Consumer education and protection, Transparency and disclosure, Operational risk, Financial inclusion

Sectors: Banking, Insurance

Modernizing Money Management: How Technology is Transforming Asset and Wealth Management

IIF consultation examines how new technologies are transforming asset and wealth management industry

Institute of International Finance consultation discusses how new technologies and software-based companies are transforming asset and wealth management (AWM). New technology provides opportunities for traditional AWM firms while challenging them to re-invent business models. Traditional firms in the asset and wealth management industry will need to strategically respond to new sources of competition from well-funded software-driven companies that are making significant inroads in the market by focusing on unmet client demands, bringing down costs, and providing innovative new services.

Publisher: Others Release date: Dec 2015

Type: Consultative, discussion and issues paper

Topics: Operational risk, Pension and retirement plans

Sectors: Banking, Insurance, Pensions, Securities

Deadline for comments: Sep 2016

Modernizing Money Management: How Technology is Transforming Asset and Wealth Management

IIF consultation examines how new technologies are transforming asset and wealth management industry

Publisher: Others Release date: Dec 2015

Type: Consultative, discussion and issues paper

Topics: Operational risk, Pension and retirement plans

Sectors: Banking, Securities, Insurance, Pensions

Business Continuity and Disaster Recovery Planning

IOSCO sound practices for market intermediaries

International Organization of Securities Commissions sets out standards for regulators and draft sound practices that regulators could consider as part of oversight of market intermediaries, and which such intermediaries may find useful in development and implementation of effective business continuity plans, including disaster recovery plans.

Publisher: Global Standard-Setting Bodies Release date: Dec 2015

Type: Sound Practice

Topics: Operational risk

Sectors: Securities

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Resources

382 records

Guidelines on Outsourcing

Guidance for Firms Outsourcing to the ‘Cloud’ and Other Third-party IT Services

Operational Risk Management

Cyber Security in Securities Markets

Standardised Measurement Approach for Operational Risk

RegTech in Financial Services

Commonly Identified Consumer Protection Themes for Digital Financial Services

Modernizing Money Management: How Technology is Transforming Asset and Wealth Management

Modernizing Money Management: How Technology is Transforming Asset and Wealth Management

Business Continuity and Disaster Recovery Planning

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