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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.
Operational Risk
Taiwan FSC Issues Guidelines on Bank Inspections
By Editors | 02/08/2021
The FSC says a key objective of the guidelines is to introduce innovative technology including big data analysis into the inspection process.
Supervision & Enforcement
APRA Raises Expectations on Superannuation Entities
By Editors | 02/08/2021
APRA has written to RSE licensees describing their key obligations in light of the introduction of the Your Future, Your Super reforms.
Fraud, Scams & Cybercrime
Family Offices Should Start Behaving Like Regulated Entities
By Marie Gervacio | 30/07/2021
Family offices should be reviewing their governance and risk management frameworks in light of the Archegos collapse, says Marie Gervacio.
Cybersecurity
NZ FMA Issues Cyber Resilience Guidance for Financial Advisers
By Sanday Chongo Kabange | 30/07/2021
Under New Zealand’s new financial advice regime, many individuals and entities have not previously been subject to compliance obligations for cybersecurity.
Operational Risk
Independent Report Finds Risk Control Failures at Credit Suisse
By Sanday Chongo Kabange | 30/07/2021
The report indicates that the risks were known, but responsible parties in the first and second lines simply failed to act.
Conduct, Culture & Accountability
ASIC Appeals Dismissal of Cigno, BHF Solutions Case
By Sanday Chongo Kabange | 28/07/2021
ASIC’s appeal seeks judicial clarification on the operation of key obligations under the National Credit Act and National Credit Code.
Capital Adequacy
RBNZ Drafts Interim Solvency Standard to Account for IFRS 17
By Ranamita Chakraborty | 27/07/2021
The inclusion of risk adjustments in insurance liabilities is expected to increase capital requirements for life insurers.
Payments & Settlements
GFXC Updates FX Global Code to Promote PvP Settlement
By Manesh Samtani | 27/07/2021
The changes place greater importance on the use of PvP settlement where available, and provide guidance on risk reduction where PvP settlement is not in use.
Operational Risk
APRA Asks Insurers to Review Risk Management Frameworks
By Ranamita Chakraborty | 22/07/2021
The self-assessments must be submitted to APRA by 30 November. Feedback will be provided early next year.
Payments & Settlements
CPMI, IOSCO Identify Shortcomings in FMI Business Continuity Plans
By Editors | 22/07/2021
Some FMIs do not fully meet expectations with respect to recovery from operational incidents, such as natural disasters or IT systems outage.
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