Operational risk

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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

Principles for the Sound Management of Operational Risk

BCBS paper highlighting evolution of operational risk management since 2003

Basel Committee on Banking Supervision sound practice articulating principles from emerging industry practices and supervisory experience. Covers three overarching themes: i) governance; ii) risk management; and iii) disclosure. Supervisors expect banks to continuously improve their approaches to operational risk management. Addresses key elements of a bank’s framework. These elements should not be viewed in isolation but should be integrated components of the overall framework for managing operational risk across the enterprise.

Publisher: Global Standard-Setting Bodies Release date: Jun 2011

Type: Sound Practice

Topics: Operational risk, Corporate governance, Risk management

Sectors: Banking, Insurance

Outsourcing of Business Activities, Functions and Processes

OSFI guideline for outsourcing business activities to external providers

Office of the Superintendent of Financial Institutions of Canada guideline setting out expectations for regulated firms that outsource business activities to service providers. Firms are expected to: i) evaluate risks associated with existing and proposed outsourcing arrangements; ii) develop processes for determining materiality of arrangements; iii) implement programs for managing and monitoring risks, commensurate with materiality of arrangements; iv) ensure that boards of directors, chief agents or principal officers receive information sufficient to enable them to discharge their duties under the guideline and; v) refrain from outsourcing certain business activities to external auditors.

Publisher: National Regulators Release date: Feb 2009 Country: Canada

Type: Guideline

Peer: New Technology-Based Outsourcing Arrangements

Topics: Risk management, Operational risk

Sectors: Banking, Insurance, Pensions

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Resources

382 records

Technology Risk Management Guidelines

New Technology-Based Outsourcing Arrangements

Principles for the Sound Management of Operational Risk

Outsourcing of Business Activities, Functions and Processes

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