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Corporate Governance: Board Responsibilities

PRA supervisory statement identifies areas of governance that are of greatest importance

UK Prudential Regulation Authority supervisory practice statement sets out areas of governance that are most important to PRA and to which its will give most attention. Preferred outcome is an effective board that: i) establishes sustainable business model and clear strategy consistent with that model; ii) oversees clear and measureable statement of risk appetite against which major business options are actively assessed; and iii) meets its regulatory obligations, is open with regulators and creates culture that supports prudent management.

Publisher: National Regulators Release date: Jul 2018 Country: United Kingdom

Type: Supervisory Practice

Peer: Financial Management and Planning by Insurers

Topics: Corporate governance

Sectors: Banking, Insurance

Strengthening Individual Accountability in Insurance

PRA supervisory statement sets out expectations of how firms should comply with its Senior Insurance Managers Regime

UK Prudential Regulation Authority supervisory statement sets out expectations of how firms should comply with the regulatory framework of the Senior Insurance Managers Regime (SIMR) including: i) compliance with the SIMR; ii) application of conduct standards and associated notifications; and iii) assessing fitness and propriety.

Publisher: National Regulators Release date: Jul 2018 Country: United Kingdom

Type: Supervisory Practice

Topics: Conduct, Corporate governance

Sectors: Insurance

Global Systemically Important Banks - Revised Assessment Methodology and the Higher Loss Absorbency Requirement

BCBS implementation of technical changes to framework for G-SIBs

Basel Committee on Banking Supervision modifications to G-SIB assessment and identification framework. Enhancements involve: i) amendments to the definition of cross-jurisdictional indicators consistent with the definition of BIS consolidated statistics; ii) expansion of scope of consolidation to include insurance subsidiaries; iii) amendments to definition of cross-jurisdictional activity; iv) modifications of weights in substitutability category and introduction of a trading volume indicator; v) revisions to disclosure requirements; vi) further guidance on bucket migration and associated surcharge; and vii) proposed transition schedule.

Publisher: Global Standard-Setting Bodies Release date: Jul 2018

Type: Implementation

Parent: Global Systemically Important Banks: Updated Assessment Methodology and the Higher Loss Absorbency Requirement

Peer: Assessment of Basel III G-SIB Framework and Review of D-SIB Frameworks - European Union, 2017 Update of List of Global Systemically Important Banks (G-SIBs)

Topics: Systemically important financial institutions (SIFIs), Recovery and resolution, Capital adequacy, Transparency and disclosure

Sectors: Banking

Extending the Senior Managers & Certification Regime to FCA Firms

FCA consultation to extend the Senior Managers & Certification Regime to most regulated firms

UK Financial Conduct Authority policy statement reports on main issues arising from consultations to strengthen individual accountability in regulated firms by extending the Senior Managers & Certification Regime (SM&CR) to almost all regulated firms in order to reduce harm to consumers and increase accountability. Also incorporates near-final rules.

Publisher: National Regulators Release date: Jul 2018 Country: United Kingdom

Type: Consultative, discussion and issues paper

Parent: FCA's Senior Managers Regime

Topics: Supervisory framework, Corporate governance, Conduct

Sectors: Banking, Insurance, Pensions, Securities

Implementing Risk Based Supervision: A Guide for Senior Managers

TC note discusses key managerial issues in implementing RBS

Toronto Centre Note discusses the cultural and managerial challenges that need to accompany the adoption and effective implementation of risk based supervision and suggests ways for senior management to respond to these challenges.

Publisher: Toronto Centre Release date: Jul 2018

Type: TC Notes

Peer: Risk-Based Supervision , The Development and Use of Risk Based Assessment Frameworks , Turning Risk Assessments Into Supervisory Actions

Topics: Risk-based supervision

Sectors: Banking, Insurance, Pensions, Securities

The Post-Crisis Challenges Facing Supervisors

TC note discusses how emerging markets can approach the implementation of post-crisis and other regulatory reforms

Toronto Centre Note discusses how emerging markets can approach implementation of recent regulatory reforms. Considers the challenges for supervisors stemming from more wide-ranging, robust and complex regulatory requirements, provides an overview of emerging risks and supervisory responses, and discusses the importance of supervisory cooperation. Identifies key challenges as: i) proportionate implementation of reforms; ii) tailoring regulation and supervision to emerging market economies; iii) maintaining a focus on fundamental issues such as credit and insurance underwriting risks; and iv) assessing emerging risks such as those arising from FinTech and cyber security.

Publisher: Toronto Centre Release date: Jul 2018

Type: TC Notes

Topics: Systemically important financial institutions (SIFIs), Cross-border cooperation, Risk-based supervision, Supervisory framework, FinTech

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

Innovative Technology in Financial Supervision (Suptech): The Experience of Early Users

FSI guidance for supervisory agencies on developing a strategy to realize the potential benefits of SupTech

Financial Stability Institute guidance outlines the experiences of early users and highlights specific considerations to develop a SupTech strategy for supervisory agencies. Sets out challenges to supervisory agencies when developing or using SupTech applications: i) increased operational risks (cyber risk, data quality, and finding the right talent); ii) computational capacity constraints; iii) management support; and iv) buy-in from supervision units. This paper outlines the experiences of early users and highlights specific considerations to develop a SupTech strategy for supervisory agencies to take advantage of these developments.

Publisher: International Organizations Release date: Jul 2018

Type: Consultative, discussion and issues paper

Topics: Financial inclusion, Financial market infrastructure, Supervisory framework, Supervisory structures, FinTech

Sectors: Banking, Insurance, Pensions, Securities

Building the UK Financial Sector's Operational Resilience

BoE, PRA and FCA discussion paper on supervisory authorities' view on operational resilience

Bank of England, Prudential Regulation Authority and Financial Conduct Authority discussion paper focuses on the operational resilience of the financial system and the individual firms and financial market infrastructures (FMIs) within it. Paper seeks to commence a dialogue with the financial services industry on improving the operational resilience of firms and FMIs.

Publisher: National Regulators Release date: Jul 2018 Country: United Kingdom

Type: Consultative, discussion and issues paper

Topics: Operational risk, Financial market infrastructure, Cyber risk

Sectors: Banking, Insurance, Securities

Deadline for comments: Oct 2018

Browsing to Borrow: "Mom & Pop" Small Business Perspectives on Online Lenders

FRB report examines small business owners' perceptions of online lenders

US Federal Reserve Board and Federal Reserve Board of Cleveland report gauges small business owners' perceptions of online lenders and their understanding and interpretation of information online lenders use to describe their credit products. Key findings include: i) participants are already familiar with online lending; ii) participants prefer websites with detailed product information; and iii) participants found sample online products confusing.

Publisher: National Regulators Release date: Jun 2018 Country: United States

Type: Consultative, discussion and issues paper

Topics: Consumer education and protection, Financial inclusion, Transparency and disclosure

Sectors: Banking

Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment

IMF report on cyber-attacks and vulnerabilities of financial institutions

International Monetary Fund research paper documents cyber risk around the world for financial institutions by analyzing the different types of cyber incidents (data breaches, fraud and business disruption) and identifying patterns using a variety of datasets. Outlines a quantitative framework to assess cyber risk for the financial sector.

Publisher: International Organizations Release date: Jun 2018

Type: Consultative, discussion and issues paper

Topics: Cyber risk, Operational risk, Risk management, Systemic risk

Sectors: Banking, Insurance, Securities

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382 records

Corporate Governance: Board Responsibilities

Strengthening Individual Accountability in Insurance

Global Systemically Important Banks - Revised Assessment Methodology and the Higher Loss Absorbency Requirement

Extending the Senior Managers & Certification Regime to FCA Firms

Implementing Risk Based Supervision: A Guide for Senior Managers

The Post-Crisis Challenges Facing Supervisors

Innovative Technology in Financial Supervision (Suptech): The Experience of Early Users

Building the UK Financial Sector's Operational Resilience

Browsing to Borrow: "Mom & Pop" Small Business Perspectives on Online Lenders

Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment

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