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Notice on Cyber Hygiene

MAS set of legally binding requirements regarding cyber hygiene

Monetary Authority of Singapore legally binding requirements to raise the cyber security standards and strengthen the cyber resilience of the financial sector. Financial institutions are required to comply with the following requirements: i) establish and implement robust security for IT systems; ii) ensure updates are applied to address system security flaws in a timely manner; iii) deploy security devices to restrict unauthorized network traffic; iv) implement measure to mitigate the risk of malware infection; v) secure the use of system accounts with special privileges to prevent unauthorized access; and vi) strengthen user authentication for critical systems as well as systems used to access customer information.

Publisher: National Regulators Release date: Aug 2019 Country: Singapore

Type: Law, Regulation and Policy

Topics: Cyber risk, Operational risk

Sectors: Banking, Insurance, Pensions, Securities

Turning Risk Assessments Into Supervisory Actions

TC note sets out framework for turning risk assessments into firm-specific supervisory programs

Toronto Centre Note sets out a framework for turning risk assessments into firm-specific supervisory programs. Key considerations include: i) decisions about the risks that should be followed up; ii) choice of supervisory approach to be adopted within the firm; iii) identifying stages of intervention; iv) intensiveness with which remediation will be followed up and monitored; and v) processes surrounding significant changes to supervisory programs.

Publisher: Toronto Centre Release date: Aug 2019

Type: TC Notes

Peer: Risk-Based Supervision , Implementing Risk Based Supervision: A Guide for Senior Managers , The Development and Use of Risk Based Assessment Frameworks

Topics: Risk-based supervision

Sectors: Banking, Insurance, Pensions, Securities

The Bank of England's Approach to Assessing Resolvability

New PRA Resolvability Assessment Framework is designed to make resolution more transparent, better understood and more successful

UK Prudential Regulation Authority Resolvability Assessment Framework has three main components: i) how the Bank of England will assess resolvability; ii) a new Resolution Assessment Part of the PRA Rulebook that requires major UK firms to perform an assessment of their preparations for resolution; and iii) the Bank's intention to make a public statement concerning the resolvability of each of the major UK firms.

Publisher: National Regulators Release date: Jul 2019 Country: United Kingdom

Type: Consultative, discussion and issues paper

Topics: Recovery and resolution, Transparency and disclosure

Sectors: Banking

Climate Change: Issues for Banking Supervisors

TC note explores the possible supervisory and regulatory responses in the banking sector to climate change-related risks, and to climate change more generally

Toronto Centre Note discusses issues raised for banking supervisors by climate change. Two key issues are: i) physical, transitional and other risks arising from climate change are likely to have an adverse impact on the credit, market, operational, legal, reputational and strategic risks faced by banks; and ii) the banking sector is likely to play a key role in the financing of activities that will have an impact on climate change.

Release date: Jul 2019

Type: TC Notes

Topics: Climate change

Sectors: Banking

FinTech Innovations

TC podcasts present regulatory and market perspectives on FinTech innovations in Australia

Toronto Centre set of three podcasts about FinTech innovations in Australia. Podcasts are: i) Introducing the Newest Technology to Capital Markets: The Regulator's Perspective; ii) Introducing the Newest Technology to Capital Markets: The Industry's Perspective; and iii) to Protect or to Foster Innovation: An Inside Look at a Regulator's Initiative to do Both.

Publisher: Toronto Centre Release date: Jul 2019 Country: Australia

Type: TC Videos

Topics: FinTech, Operational risk

Sectors: Banking, Insurance, Microfinance, Microinsurance, Pensions, Securities

Actuarial and Related Matters

APRA requirements for Appointed Actuaries within general, life and private health insurers

Australian Prudential Regulation Authority prudential standard sets out requirements for insurers to appoint an actuary and to establish a framework for the provision of actuarial advice. It also sets out the functions of the Appointed Actuary role.

Publisher: National Regulators Release date: Jul 2019 Country: Australia

Type: Standard

Topics: Actuarial, Corporate governance

Sectors: Insurance

Counterparty Credit Risk

APRA standard requires banks to adopt risk management practices relating to counterparty credit risk

Australian Prudential Regulation Authority standard requires banks to: i) calculate counterparty credit risk exposure amounts according to a standardized approach for measuring such exposures or the adjusted current exposure method; ii) apply risk weights to counterparty credit risk exposure amounts for capital adequacy purposes; iii) where applicable, calculate and hold a credit valuation adjustment risk capital charge; iv) where applicable, calculate and hold a default fund capital charge for default fund contributions to a qualifying central counterparty; and v) adopt risk management practices for bilateral and centrally cleared counterparty credit risk exposures.

Publisher: National Regulators Release date: Jul 2019

Type: Consultative, discussion and issues paper

Peer: The Standardised Approach for Measuring Counterparty Credit Risk Exposures , Capital Requirements for Bank Exposures to Central Counterparties

Topics: Credit risk

Sectors: Banking

Resolution Assessment and Public Disclosure by Firms

PRA rules for large banks

UK Prudential Regulation Authority rules for large UK banks.

Publisher: National Regulators Release date: Jul 2019 Country: United Kingdom

Type: Consultative, discussion and issues paper

Topics: Recovery and resolution, Systemically important financial institutions (SIFIs)

Sectors: Banking

A G7 Partnership for Women's Digital Financial Inclusion in Africa

Gates Foundation/G7 report sets out efforts to expand digital financial inclusion to women in Africa

Gates Foundation and G7 report sets out essential efforts to expand digital financial inclusion to women in Africa. The report identifies three main categories: i) infrastructure; ii) regulation; and iii) planning. Five pillars to advancing women's digital financial inclusion are: i) build inclusive digital payment infrastructures; ii) expand digital ID systems to reach excluded women; iii) create enabling policy and regulatory environments to support innovation; iv) assess overall digital readiness to maximize social and economic returns; and v) evaluate how governments can best use payments and ID systems reforms to impact women's lives.

Publisher: Others Release date: Jul 2019

Type: Consultative, discussion and issues paper

Topics: Financial inclusion, Gender equality

Sectors: Microfinance

Macroeconomic and Financial Stability: Impacts of Climate Change

Banque de France and NGFS report sets out distinctive characteristics of climate change

Banque de France and Network for Greening the Financial System report discusses: i) macroeconomics and climate change; ii) financial stability and climate change; iii) options for central banks and supervisors; and iv) key findings.

Publisher: National Regulators Release date: Jul 2019

Type: Consultative, discussion and issues paper

Topics: Climate change

Sectors: Banking

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Resources

382 records

Notice on Cyber Hygiene

Turning Risk Assessments Into Supervisory Actions

The Bank of England's Approach to Assessing Resolvability

Climate Change: Issues for Banking Supervisors

FinTech Innovations

Actuarial and Related Matters

Counterparty Credit Risk

Resolution Assessment and Public Disclosure by Firms

A G7 Partnership for Women's Digital Financial Inclusion in Africa

Macroeconomic and Financial Stability: Impacts of Climate Change

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