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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.
Structural Regulation
Entity-based Regulation Needed to Address Bigtech Risks: BIS
By Manesh Samtani | 29/09/2021
China’s financial holding company regime represents a novel entity-based regulatory approach for big techs, says a new BIS research paper.
Credit Risk
Bangladesh Issues Guidelines on Non-banking Asset Disposal
By Ranamita Chakraborty | 25/09/2021
Banks are instructed to quickly register and then dispose of non-banking assets put up as collateral in the event of a borrower default.
Conduct, Culture & Accountability
NZ FMA Finds “Poor Value” in Credit Card Repayment Insurance
By Editors | 24/09/2021
Underwriters and distributors are directed to ensure their systems, processes and controls facilitate good customer outcomes.
Operational Risk
Japan FSA Issues Business Improvement Order to Mizuho
By Editors | 24/09/2021
The order requires Mizuho to submit a report to the FSA by 29 October on its IT systems and detailed improvement plans.
Payments & Settlements
BNM Issues New Regulatory Requirements for Merchant Acquirers
By Editors | 23/09/2021
The new requirements will ensure merchant acquiring services have measures in place to manage settlement risk, financial risk, fraud risk, technology risk and cyber risk.
Operational Risk
RBI Finalises Guidelines for OTC Derivatives Market Makers
By Manesh Samtani | 23/09/2021
The guidelines impose requirements on governance, dealing conduct, risk management, internal control, internal audit and record-keeping.
Operational Risk
APRA Clarifies Position on Standards for Insurance in Superannuation
By Ranamita Chakraborty | 22/09/2021
APRA will not proceed with a proposed requirement for independent certification of priority and privilege arrangements to avoid “unintended consequences”.
Operational Risk
Japan FSA to Oversee System Improvements at Mizuho – Report
By Editors | 22/09/2021
An FSA team will directly oversee a system inspection and improvements at Mizuho following seven system failures at the bank this year.
Cybersecurity
BCBS Calls on Banking Sector to Enhance Cyber Defences
By Editors | 21/09/2021
Remote work arrangements and digital financial services have “enlarged banks’ attack surfaces”, creating opportunities for malicious actors, the BCBS said.
Liquidity Risk
CBIRC Drafts Liquidity Risk Management Rules for WMPs
By Editors | 15/09/2021
Wealth management firms must continually monitor liquidity risk in wealth management products as well as the assets in which they invest.
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