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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
Westpac Commits to Addressing Risk Governance Weaknesses
By Editors | 03/12/2020
The court enforceable undertaking requires Westpac to develop an integrated plan to address all major risk governance issues, covering both financial and non-financial risks.
Operational Risk
MAS Revises Anti-commingling Framework For Banks
By Manesh Samtani | 02/12/2020
MAS has prescribed a list of permissible non-financial businesses to ensure banks are not engaging in “high-risk non-financial business that do not bring strategic value to its core banking business”.
Liquidity Risk
APRA Penalises Westpac For Breaches of Liquidity Standards
By Editors | 01/12/2020
Westpac will have to apply a 10 percent add-on to the net cash outflow component of its LCR calculation until its shortcomings have been rectified.
Credit Risk
Singapore Banks Get New Best Practice Code for Commodity Financing
By Editors | 01/12/2020
The Code was developed by an industry working group of 28 commodity financing banks in consultation with trading firms and with the support of regulators.
Conduct, Culture & Accountability
Australia Gets New Guidance for Internal Auditors in Financial Services
By Editors | 29/11/2020
The Better Practice Guide was developed by industry practitioners with APRA and ASIC serving as vocal observers and EY and KPMG providing secretariat support.
Cybersecurity
APRA Unveils Details of New Cyber Security Strategy
By Manesh Samtani | 26/11/2020
Starting next year, APRA will be asking boards to engage an external auditor to comprehensively review their compliance with CPS 234 on information security.
Capital Adequacy
APRA to Integrate AASB 17 with Capital, Reporting Frameworks
By Editors | 26/11/2020
A failure to update the frameworks would result in insurers needing to maintain dual valuation, actuarial, accounting and reporting systems, APRA says.
Operational Risk
ORX Expands Operational Risk Taxonomy for Financial Services
By Editors | 26/11/2020
The 2020 iteration of the taxonomy has been extended to include operational risks causes and impacts, to allows firms to add context to their data.
Operational Risk
APRA Finalises Revisions to EFS Reporting Standards
By Editors | 24/11/2020
Based on market feedback, the implementation date of the changes for most of the standards has been moved forward three months to the reporting period ending 30 September 2021.
Trading & Investment
ASIC Launches Probe into ASX Over Equity Market Outage
By Manesh Samtani | 23/11/2020
ASIC had earlier said it would determine whether ASX followed the relevant regulatory requirements and met its licence obligations.
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