Risk-based supervision

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Modernizing Insurance Solvency Regime

Geneva Association discussion paper on key features of solvency regimes in selected jurisdictions

Geneva Association discussion paper provides overview of current practices, approaches and methods, focusing on selected elements such as valuation principles, risk sensitivity, risk-based capital and internal models. Provides insights and information on the regulatory regime in several countries that have already adopted a risk-based solvency capital approach or are in the process of doing so.

Publisher: Industry Groups Release date: Aug 2016

Type: Consultative, discussion and issues paper

Topics: Capital adequacy, Risk-based supervision

Sectors: Insurance

Risk-Based Global Insurance Capital Standard

IAIS consultation on proposed Insurance Capital Standard on valuation, qualifying capital resources and standard method for determining capital requirement

International Association of Insurance Supervisors consultation solicits comments on three key components of ICS Version 1.0 for confidential reporting purposes: i) valuation methodologies; ii) qualifying capital resources; and iii) implementation of risk based approaches to determine regulatory capital requirements. Focus is on a standard method, with consideration of other methods of calculation of ICS capital requirement to be addressed in Version 2.0.

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

Type: Consultative, discussion and issues paper

Peer: Risk-based Global Insurance Capital Standard Version 2.0, Implementation of Insurance Capital Standard Version 2.0, Insurance Capital Standard Version 1.0 for Extended Field Testing

Topics: Risk-based supervision, Capital adequacy

Sectors: Insurance

Deadline for comments: Oct 2016

How the Central Bank of Ireland is Implementing Risk-Based Regulation

Central Bank of Ireland report sets out its approach to risk- based regulation and supervision

Central Bank of Ireland (CBI) report explains principles of Probability Risk and Impact SysteM (PRISM), a systematic risk-based framework. Allows CBI to: i) adopt a consistent way of thinking about risk across all supervised firms; ii) allocate resources based on impact and probability; iii) undertake a sufficient level of engagement with all higher impact firms; iv) assess firm risks in a systematic and structured fashion; v) ensure that action is taken to mitigate unacceptable risks in firms; vi) provide firms with clarity around CBI's view of risks they pose; vii) use quality control mechanisms to encourage challenge; and viii) analyze better management information about the risk profiles of supervised firms and sectors.

Publisher: National Regulators Release date: Feb 2016 Country: Ireland

Type: Consultative, discussion and issues paper

Topics: Risk-based supervision, Supervisory framework

Sectors: Banking

Risk-Based Approach for Money or Value Transfer Services

FATF guidance to assist countries to apply risk-based approach to money service businesses

Financial Action Task Force guidance to assist countries and their supervisory authorities to apply risk-based approach associated to money or value transfer services (MVTS). Risk-based approach requires that measures to combat money laundering and terrorist financing are commensurate with risks. Overall risks and threats are influence by extent and quality of regulatory and supervisory framework as well as implementation of risk-based controls and mitigating measures by each MVTS provider.

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

Type: Guideline

Peer: Risk-Based Approach for the Banking Sector

Topics: Financial inclusion, Money laundering and terrorist financing, Risk-based supervision

Sectors: Banking

Composite Risk Rating and Assessment Criteria

OSFI assessment criteria to guide supervisory judgments in determining an institution's Composite Risk Rating

Office of the Superintendent of Financial Institutions of Canada update of criteria used to develop Composite Risk Rating (CRR) of an institution. Updates reflect enhancements made to OSFI's Supervisory Framework in 2010.

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

Type: Supervisory Practice

Parent: Supervisory Framework

Topics: Risk-based supervision, Supervisory framework

Sectors: Banking, Insurance

Effective Supervision and Enforcement by AML/CFT Supervisors of the Financial Sector and Law Enforcement

FATF guidance on effective supervisory systems for anti-money laundering and countering financing of terrorism compliance

Financial Action Task Force guidance describes attributes of effective supervision by regulators and supervisors. Clarifies interplay with role of law enforcement agencies. Practices described are intended as examples of measures and means that relevant supervisors may use to meet requirements of FATF Recommendations.

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

Type: Guideline

Peer: Correspondent Banking Services

Topics: Risk-based supervision, Money laundering and terrorist financing, Supervisory framework

Sectors: Banking, Insurance

Objectives and Principles of Financial Supervision in Singapore

Statement of MAS objectives, functions and principles of supervision

Monetary Authority of Singapore policy statement on supervisory aspects of its mandate to promote a sound and progressive financial services sector. Sets out MAS’ objectives or desired outcomes of supervision, the functions it performs directly or facilitates to achieve these outcomes, and the principles that guide its supervisory approach.

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

Type: Law, Regulation and Policy

Peer: Supervision of Financial Market Infrastructures in Singapore

Topics: Supervisory framework, Risk-based supervision

Sectors: Banking, Insurance, Securities

Tenets of Effective Regulation

MAS description of the Tenets underlying its regulatory framework

Monetary Authority of Singapore monograph addressing the development and review of the regulatory framework in Singapore. Describes six guiding Tenets: i) outcome focused; ii) shared responsibility; iii) risk appropriate; iv) responsive to change and cycles; v) impact sensitive; and vi) clear and consistent.

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

Type: Consultative, discussion and issues paper

Peer: Supervision of Financial Market Infrastructures in Singapore

Topics: Supervisory framework, Risk-based supervision

Sectors: Banking, Insurance, Securities

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

Risk-Based Approach for the Banking Sector

FATF guidance on risk-based approach to anti-money laundering/combatting the financing of terrorism in the banking sector

Financial Action Task Force guidance: i) outlines principles involved in applying a risk-based approach to anti-money laundering/combatting the financing of terrorism (AML/CFT); ii) assists national governments, supervisory authorities and banks in design and implementation of a risk-based approach to AML/CFT by providing general guidelines and examples of current practice; iii) supports effective implementation and supervision of national AML/CFT measures by focusing on risks and mitigation measures; and iv) supports development of a common understanding of what risk-based approach to AML/CFT entails.

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

Type: Guideline

Peer: National Money Laundering and Terrorist Financing Risk Assessment, Anti-Money Laundering and Terrorist Financing Measures and Financial Inclusion

Topics: Risk-based supervision, Money laundering and terrorist financing, Financial inclusion

Sectors: Banking

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Resources

382 records

Modernizing Insurance Solvency Regime

Risk-Based Global Insurance Capital Standard

How the Central Bank of Ireland is Implementing Risk-Based Regulation

Risk-Based Approach for Money or Value Transfer Services

Composite Risk Rating and Assessment Criteria

Effective Supervision and Enforcement by AML/CFT Supervisors of the Financial Sector and Law Enforcement

Objectives and Principles of Financial Supervision in Singapore

Tenets of Effective Regulation

Supervision of Banks and Nonbanks Operating Through Agents

Risk-Based Approach for the Banking Sector

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