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News on frameworks, regulations, and major events related to risks arising from internal processes, systems failures, human errors, or external disruptions.
Conduct, Culture & Accountability
APRA Concludes Pilot Risk Culture Survey With 10 Insurers
By Editors | 15/10/2021
Based on responses from almost 7,200 insurance employees, APRA found some of the lowest scores in risk governance and controls.
Operational Risk
Taiwan FSC Amends Personnel Rules for Mutual Funds
By Darien Choong | 14/10/2021
Eleven overseas firms offering securities investment trust funds in Taiwan will need to set up a local risk management department by end-2022.
Supervision & Enforcement
RBNZ Consults on Approach to Enforcement Decision-making
By Editors | 14/10/2021
A new consultation paper seeks feedback on the principles and criteria which will guide the RBNZ’s enforcement decision-making process moving forward.
Operational Risk
Mizuho Experiences Eight System Glitch for the Year
By Editors | 08/10/2021
The system failure affected 387 transactions for foreign exchange trades. Mizuho is required to submit a report on its IT systems to the FSA by 29 October.
Operational Risk
SFC Issues New Guidance on Remote Working Risks
By Manesh Samtani | 05/10/2021
The SFC describes incidents that occurred due to failures to split teams amid the pandemic, set up phone recording, and promptly isolate a server compromised by ransomware.
Conduct, Culture & Accountability
New Zealand: Class Action Filed Against ANZ, ASB
By Editors | 04/10/2021
The class action reportedly involves interest and fees ANZ and ASB were not entitled to charge due to breaches of their disclosure obligations.
Cybersecurity
BNM Launches New Cyber Threat Intelligence Platform
By Manesh Samtani | 03/10/2021
FinTIP leverages machine algorithms and human experts to correlate, normalise, enrich, and sanitise contributed data to produce “real-time actionable intelligence”.
Operational Risk
SEBI Updates Risk Management Framework for Mutual Funds, AMCs
By Editors | 30/09/2021
Mutual funds and AMCs will be required to maintain mandatory metrics on investment risk, liquidity risk and credit risk, and perform stress tests at least monthly.
Operational Risk
APRA Revises Investment Governance Standards for Super Funds
By Editors | 29/09/2021
A new consultation proposes enhancements to stress testing, valuation and liquidity management practices that will take effect from 1 January 2023.
Operational Risk
RBA Issues Recommendations to Address Risk Issues at ASX
By Editors | 29/09/2021
The RBA has asked ASX to address operational risk and governance issues, as well as develop a framework to address margin procyclicality.
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