Operational Risk

Operational Risk

APRA Issues Second Consultation on Insurance in Superannuation

By Editors | 21/01/2021

Submissions in the previous consultation sought further clarification on the proposed changes, which are aimed at improving member outcomes.

Structural Regulation

Rakuten Launches First Digital-only Bank in Taiwan

By Editors | 20/01/2021

Rakuten International Commercial Bank was one of three groups granted authorisation to set up a digital bank in July 2019.

Supervision & Enforcement

CBIRC To Supervise Insurance AMCs Based On Regulatory Ratings

By Editors | 18/01/2021

The proposed regulatory rating system will be tested from 13 January until end-2021, following which full implementation will occur starting 1 January 2022.

Supervision & Enforcement

CBIRC Sets Out New Rating System for Consumer Credit Sector

By Editors | 17/01/2021

Consumer finance firms with the lowest ratings will be ordered to submit to a merger, acquisition, reorganisation, or to withdraw from the market.

Cybersecurity

Covid-19 Has Changed the Cyber Threat Landscape: BIS

By Manesh Samtani | 15/01/2021

During the pandemic, there was a strong link between the prevalence of work-from-home arrangements and the incidence of cyber attacks, particularly at financial institutions.

Cybersecurity

ORX Launches Central Hub to Facilitate Cyber Risk Management

By Editors | 12/01/2021

The central hub allows cyber and information security risk management professionals to collaborate, exchange ideas and learn from each other’s practices.

Operational Risk

RBI Directs Banks to Enhance Internal Audit Function

By Editors | 12/01/2021

Banks are encouraged to adopt the international standards for internal audit, such as those issued by the BCBS or the Institute of Internal Auditors.

Operational Risk

China Implements New Bank Performance Evaluation Mechanism

By Editors | 07/01/2021

State-owned banks based on their contributions to the economy, high quality development, risk management, and operational efficiency.

Payments & Settlements

BSP Consults on Draft Policies to Strengthen Payment Systems

By Editors | 03/01/2021

The first draft policy covers governance policies for payment system operators. The second covers the local adoption of the PFMI for designated payment systems.