Operational risk

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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

The Future of Finance: The Rise of the New Shadow Bank

Goldman Sachs research report focuses on where shadow banks are likely to gain the strongest foothold

Goldman Sachs research report focuses on emergence of shadow banking across several key asset classes and the potential profit pools that could be captured by disruptors. Key findings: i) regulation will continue to shift activities from banks to non-banks; ii) technology is an enabler to entry; iii) there is a risk that an $11b annual profit will leave the banking system; and iv) emerging players will force the incumbents to change their competitive behaviour.

Publisher: Others Release date: Mar 2015

Type: Consultative, discussion and issues paper

Topics: Shadow banking, Financial inclusion, Operational risk

Sectors: Banking, Securities

Non-Banks in Retail Payments

CPMI report on the role of non-banks in retail payment services

Committee on Payments and Market Infrastructure report examines role of non-banks in retail payment services and analyzes implications of the growing importance of these entities in retail payments. Analyzes factors influencing: i) growing importance of non-banks; ii) main implications for efficiency of and risks in retail payment systems; and iii) diverse regulatory approaches for the different types of non-bank in various jurisdictions. Concludes with analysis of main issues and implications for central banks and other authorities.

Publisher: Global Standard-Setting Bodies Release date: Sep 2014

Type: Consultative, discussion and issues paper

Peer: Innovations in Retail Payments , Fast Payments - Enhancing the Speed and Availability of Retail Payments , Cross-Border Retail Payments

Topics: Financial market infrastructure, Financial inclusion, Consumer education and protection, Operational risk

Sectors: Banking, Securities

Cyber Security Self-Assessment Guidance

OSFI guidance for senior management to review cyber risk management policies

Office of the Superintendent of Financial Institutions of Canada self-assessment template setting out desirable properties to be considered by regulated firms when assessing the adequacy of their cyber security framework and when planning enhancements to their framework. Firms are encouraged to reflect the current state of cyber security practices in their assessments rather than their target state and consider cyber security practices on an enterprise-wide basis.

Publisher: National Regulators Release date: Oct 2013 Country: Canada

Type: Guideline

Topics: Operational risk, Risk management, Cyber risk

Sectors: Banking, Insurance, Pensions

Technology Risk Management Guidelines

MAS guidelines to promote sound practices and processes for managing technology

Monetary Authority of Singapore guidelines set out risk management principles and best practice standards to guide financial institutions to: i) establish a sound and robust technology risk management framework; ii) strengthen system security, reliability, resiliency, and recoverability; and iii) deploy strong authentication to protect consumer data, transactions and systems.

Release date: Jun 2013

Type: Guideline

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

Sectors: Banking, Insurance

New Technology-Based Outsourcing Arrangements

OSFI expectations regarding IT outsourcing arrangements

Office of the Superintendent of Financial Institutions of Canada expectations for regulated firms that outsource information technology services. Guides design of an appropriate outsourcing risk management program. Expectations relate in particular to: i) confidentiality, security and separation of property; ii) contingency planning; iii) location of records; iv) access and audit rights; v) subcontracting; and vi) monitoring the material outsourcing arrangements.

Publisher: National Regulators Release date: Feb 2012 Country: Canada

Type: Sound Practice

Peer: Outsourcing of Business Activities, Functions and Processes

Topics: Risk management, Operational risk, Crisis management and contingency planning

Sectors: Banking, Insurance, Pensions

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Resources

382 records

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

The Future of Finance: The Rise of the New Shadow Bank

Non-Banks in Retail Payments

Cyber Security Self-Assessment Guidance

Technology Risk Management Guidelines

New Technology-Based Outsourcing Arrangements

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