Operational Risk

Cybersecurity

APRA Updates Cyber Insurance Reporting Requirements

By Ranamita Chakraborty | 18/03/2021

APRA has adopted a recommendation to extend the timeframe for full implementation, saying it will facilitate a more effective process without materially impacting its objectives.

Supervision & Enforcement

S. Korea FSC Revises Supervisory Regulation on Insurance

By Ranamita Chakraborty | 16/03/2021

The foreign exchange position limit of insurance companies will be increased from 20 percent to 30 percent of the total adjusted capital.

Operational Risk

JBA Issues Guidance in Response to Mizuho Glitches

By Editors | 15/03/2021

Banks are asked to carefully prepare for any major system upgrades involving extensive data processing, and to ensure appropriate lines of communication are established.

Operational Risk

APRA Ends Westpac Probe into Possible Banking Law Breaches

By Editors | 14/03/2021

The investigation did not find evidence of breaches of the Banking Act or the BEAR, according to APRA Deputy Chair John Lonsdale.

Operational Risk

US Fed Threatens Supervisory Action for Slow LIBOR Work

By Manesh Samtani | 11/03/2021

Guidance for examiners suggests supervisory actions for firms that are not ready to stop issuing LIBOR-based contracts by end-December.

Emerging Prudential Risks

APRA Demands Sustainable Insurance in Superannuation

By Ranamita Chakraborty | 11/03/2021

APRA is concerned about premium volatility, the availability and provision of data, and tender practices used by insurers to win business.

Operational Risk

APRA Accepts Court Enforceable Undertaking from Allianz

By Editors | 11/03/2021

Allianz Australia acknowledges previous risk and compliance weaknesses and emphasises its commitment to addressing these issues.

Capital Adequacy

FSC Korea Issues New Rules for Non-holding Financial Groups

By Editors | 08/03/2021

Non-holding financial groups deemed to have financial soundness problems will be required to draw up and submit business improvement plans.

Operational Risk

BSP Relaxes Reporting Requirements for Financial Institutions

By Editors | 07/03/2021

The BSP is reducing reporting requirements related to the borrowings of directors, officers, stockholders and their related interests.