Risk management

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Conduct of Business Risk and its Management

IAIS issues paper on supervision of conduct of business risk in insurers

International Association of Insurance Supervisors issues paper describes conduct of business risks and their mitigation. Contributes to comprehensive understanding and assessment of a sound risk culture and raises awareness of conduct of business risk, with a primary focus on retail customers. Also considers mitigation of conduct of business risk by regulated entities themselves and the role that supervisors can play.

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

Type: Consultative, discussion and issues paper

Topics: Supervisory framework, Risk management, Consumer education and protection, Conduct

Sectors: Insurance

Own Risk and Solvency Assessment (ORSA)

OSFI guidelines on expectations with respect to the ORSA of insurers

Office of the Superintendent of Financial Institutions of Canada guideline outlines its expectations with respect to an insurer's own assessment of its risks, capital needs and solvency position, and for setting Internal Targets, based on an insurer's Own Risk and Solvency Assessment.

Publisher: National Regulators Release date: Nov 2015 Country: Canada

Type: Guideline

Topics: Capital adequacy, Risk management, Corporate governance

Sectors: Insurance

Guidance on Anti-Money Laundering and Countering the Financing of Terrorism Controls in Trade Finance and Correspondent Banking

MAS guideline to assist banks with benchmarking and identification of AML-CFT control gaps

Monetary Authority of Singapore sound practice provides banks with guidance on anti-money laundering/countering the financing of terrorism (AML/CFT) controls in trade finance and correspondent banking activities, assist them in their benchmarking against industry norms and in implementation of sound risk management practices and identification of control gaps. Observations were drawn from MAS's on-site inspections and off-site reviews.

Publisher: National Regulators Release date: Oct 2015 Country: Singapore

Type: Sound Practice

Peer: Direct Life Insurers: Guidance on AML/CFT Controls

Topics: Money laundering and terrorist financing, Risk management

Sectors: Banking

Proposed Amendments to MAS Notice on Prevention of Money Laundering and Countering the Financing of Terrorism – Holders of Stored Value Facilities

MAS consultation on evolving SVF landscape

Monetary Authority of Singapore proposed amendments address evolving stored value facilities (SVF) landscape and enhance MAS' surveillance of SVFs by requiring all holders (e.g. banks and others offering stored value products to customers) to comply with a notification regime informing MAS of their intent to offer a new SVF or make changes to the product. Also excepts certain pre-defined classes of SVFs which pose low money-laundering/terrorist financing risks from AML/CFT requirements.

Publisher: National Regulators Release date: Oct 2015 Country: Singapore

Type: Consultative, discussion and issues paper

Topics: Money laundering and terrorist financing, Risk management

Sectors: Banking, Insurance, Securities

Singapore LCR Disclosure Requirements Consultation

MAS proposed disclosure requirements to complement the Liquidity Coverage Ratio requirement

Monetary Authority of Singapore draft comprises common LCR disclosure template to promote consistency and comparability of liquidity disclosures by banks, and accompanying qualitative disclosures to help users understand information published by banks. Includes guidance on additional qualitative and quantitative disclosures that banks are encouraged to make in order to provide market participants with a broader understanding of reporting bank's liquidity risk profile and management.

Release date: Oct 2015

Type: Consultative, discussion and issues paper

Parent: Liquidity Coverage Ratio Disclosure Standards

Topics: Liquidity risk and rules, Risk management, Transparency and disclosure

Sectors: Banking

Deadline for comments: Nov 2015

Enterprise Risk Management for Insurers

TC note provides broad overview of enterprise risk management from supervisory perspective

Toronto Centre note explains the nature of effective enterprise risk management (ERM) and its role as a critical pillar of corporate governance, and how ERM should be supervised. Supervision of ERM management is a key component of a risk-based supervision framework. Effective supervision of ERM allows supervisors to adopt a principles-based approach.

Publisher: Toronto Centre Release date: Oct 2015

Type: TC Notes

Topics: Risk management, Corporate governance, Supervisory framework

Sectors: Insurance

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

Sound Practices for Investment Risk Education

IOSCO report identifies sound practices for investor education initiatives

International Organization of Securities Commissions report identifies sound practices employed by IOSCO members: i) focus on influencing retail investor attitudes and behavior; ii) develop initiatives that take an evidence-based approach in response to needs of retail investors; iii) test initiatives with target audience; iv) develop initiatives that reach people close in time to the making of investment decisions; v) send clear messages adapted for different target groups and for different ways people access information; vi) use engaging content and delivery styles; vii) design activities that are current and up to date with emerging new technologies and developments in financial markets; viii) where relevant, develop investor education initiatives that complement regulatory actions to enhance impact; and ix) develop evaluation frameworks and measures at outset and seek to evaluate outputs and outcomes.

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

Type: Consultative, discussion and issues paper

Topics: Consumer education and protection, Risk management

Sectors: Securities

Assessing Capital Adequacy Under Pillar 2

PRA policy statement on setting Pillar 2 capital requirements

UK Prudential Regulation Authority statement sets out the methodologies it will use to inform the setting of firms' Pillar 2A individual capital guidance for credit risk, market risk, operational risk, counterparty credit risk, credit concentration risk, interest rate risk in the banking book and pension obligation risk for firms subject to CRD IV. Provides information on the purpose of the PRA Pillar 2B buffer, how it is determined and how it relates to the CRD IV buffers. Also provides details on the PRA’s approach to tackling weak governance and risk management under Pillar 2B.

Publisher: National Regulators Release date: Jul 2015 Country: United Kingdom

Type: Law, Regulation and Policy

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

Topics: Capital adequacy, Risk management, Transparency and disclosure

Sectors: Banking, Securities

Corporate Governance Principles for Banks

BCBS revised principles for effective corporate governance

Basel Committee on Banking Supervision revised principles: i) expand guidance on role of board of directors in overseeing implementation of effective risk management systems; ii) emphasize importance of board's collective competence; iii) strengthen guidance on risk governance; iv) provide guidance for supervisors in evaluating processes used by banks to select board members and senior management; and v) recognize that compensation systems form a key component of governance and incentive structures through which board and senior management convey acceptable risk-taking behavior and reinforce bank's operating and risk culture.

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

Type: Guideline

Topics: Corporate governance, Risk management, Compliance function

Sectors: Banking

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Resources

382 records

Conduct of Business Risk and its Management

Own Risk and Solvency Assessment (ORSA)

Guidance on Anti-Money Laundering and Countering the Financing of Terrorism Controls in Trade Finance and Correspondent Banking

Proposed Amendments to MAS Notice on Prevention of Money Laundering and Countering the Financing of Terrorism – Holders of Stored Value Facilities

Singapore LCR Disclosure Requirements Consultation

Enterprise Risk Management for Insurers

Cyber Security Risk Management

Sound Practices for Investment Risk Education

Assessing Capital Adequacy Under Pillar 2

Corporate Governance Principles for Banks

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