Operational risk

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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

Standards for the Custody of Collective Investment Schemes’ Assets: Final Report

IOSCO standards modernize and develop guidance for custody of CIS assets

International Organization of Securities Commission standards to ensure investors' assets are effectively protected. Standards focus on key aspects relating to custody function and to appointment and ongoing monitoring of custodians. Report identifies some key risks associated with custody of collective investment schemes (CIS) assets, such as operational risk, misuse of CIS assets, risk of fraud or theft, and information technology risk.

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

Type: Standard

Peer: Good Practice for Fees and Expenses of Collective Investment Schemes (CIS)

Topics: Risk management, Consumer education and protection, Operational risk

Sectors: Securities

Cyber Security Risk Management

HKMA guidance setting out its expectations regarding effective cyber security risk management in banks

Hong Kong Monetary Authority guidance on cyber security risk management measures. Board and senior management of banks are expected to play proactive role in ensuring effective cyber risk management in the following areas: i) risk ownership and management accountability; ii) periodic evaluations and monitoring of cyber security controls; iii) industry collaboration and contingency planning; and iv) regular independent assessment and tests.

Publisher: National Regulators Release date: Sep 2015 Country: Hong Kong, China

Type: Guideline

Topics: Operational risk, Risk management, Cyber risk

Sectors: Banking

Supervision of Banks and Nonbanks Operating Through Agents

CGAP report on implementing an effective risk-based approach to agent supervision

Consultative Group to Assist the Poor report considers linkages among the main policy objectives of financial inclusion, stability, integrity, and consumer protection. Draws on research conducted on a sample of nine "leading" countries defined as having large, diverse agent networks that continue to grow rapidly and where business models are evolving fast. Supervisors in researched countries identified the major risks as: i) consumer protection; ii) operational; and iii) money-laundering/terrorist financing (ML/TF) risk.

Publisher: International Organizations Release date: Aug 2015

Type: Consultative, discussion and issues paper

Topics: Consumer education and protection, Operational risk, Money laundering and terrorist financing, Risk-based supervision

Sectors: Banking, Microfinance

Prudential Standard on Health Insurer Outsourcing

APRA minimum requirements for outsourcing health insurer’s business activities

Australian Prudential Regulation Authority standard requires that health insurers must: i) have outsourcing policy approved by the board; ii) consider a number of factors when assessing options to outsource material business activity to third party outside insurer’s corporate group; iii) for each material business activity that is subject to an outsourcing arrangement conduct a risk assessment, and develop and implement risk controls that address any risks identified and regularly report to board on status of risks; iv) monitor outsourcing arrangements; v) include requirement that outsourced service provider allow APRA access to documentation and information related to outsourcing arrangement with private health insurer; and vi) meet certain notification requirements.

Publisher: National Regulators Release date: Jul 2015 Country: Australia

Type: Law, Regulation and Policy

Topics: Risk management, Operational risk

Sectors: Insurance

Advanced Measurement Approaches for Operational Risk

EBA technical standards for institutions that want to use or are already using AMA for regulatory purposes

European Banking Authority final draft Regulatory Technical Standards (RTS) on conditions under which competent authorities can permit institutions to use advanced measurement approaches for operational risk under EU Bank Recovery and Resolution Directive (BRRD). Specify criteria that supervisory authorities need to take into account before granting institutions permission to use advanced measurement approaches (AMA) for calculating capital requirements for operational risk.

Publisher: Regional Standard-Setting Bodies Release date: Jun 2015

Type: Guideline

Parent: Capital Requirements Directive - CRD IV

Topics: Operational risk

Sectors: Banking

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Resources

382 records

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

Standards for the Custody of Collective Investment Schemes’ Assets: Final Report

Cyber Security Risk Management

Supervision of Banks and Nonbanks Operating Through Agents

Prudential Standard on Health Insurer Outsourcing

Advanced Measurement Approaches for Operational Risk

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