Operational Risk

Cloud & Infrastructure

IOSCO Consults on Updated Set of Outsourcing Principles

By Editors | 28/05/2020

The principles include selection due diligence, information security, confidentiality issues, outsourcing risk concentration, and access to data, among others.

Anti-Money Laundering

Westpac Removes EY as Auditor for Upcoming Risk Review – Report

By Editors | 20/05/2020

EY’s 2017 review of Westpac highlighted poor data quality, outdated infrastructure, incompatible systems, capacity issues, manual workarounds and historical underinvestment.

Operational Risk

MAS Guidance for Safe Reopening of FIs’ Client-Facing Locations

By Editors | 20/05/2020

FIs will be allowed to reopen more customer service locations from 2 June. MAS will take action against FIs that fail to comply with safe management requirements.

Anti-Money Laundering

FSI Takes Stock of Official Sector Response to Rising Financial Crime

By Manesh Samtani | 17/05/2020

There are trade-offs between expecting FIs to enhance or adjust their cyber resilience and AML frameworks, versus avoiding excessive burdens that could hinder the delivery of key financial services.

Data Privacy

CBIRC Fines Eight Banks Over Poor Quality of Reported Data

By Editors | 13/05/2020

The banks were each fined between 1.6mn and 2.7mn yuan for underreporting information on certain transactions, wealth management products, and credit asset transfers.

Conduct, Culture & Accountability

All Firms Are Taking Steps to Align Compensation With Risk: FSB

By Manesh Samtani | 12/05/2020

Banks, insurers and asset managers are increasingly making use of non-financial metrics and better data to assess compensation policy effectiveness and align compensation with risk.

Credit Risk

HKMA Support Measures and the Impact to the Banking Industry

By Pierre Latrobe | 12/05/2020

Pierre Latrobe at Mazars discusses recent HKMA initiatives taken in response to Covid-19 and their implications for Hong Kong banks, highlighting credit risk as a growing threat.

Credit Risk

CBIRC Issues Draft Rules on Online Lending by Banks

By Editors | 11/05/2020

Per-household credit lines will be capped at 200,000 yuan, and online loans may not be used for housing purchases, mortgage repayment, or investment in financial products.

Conduct, Culture & Accountability

HKMA Proposes Mandatory Reference Checks to Stop Rolling Bad Apples

By Manesh Samtani | 08/05/2020

Under the scheme, prospective employees would be required to disclose employment records to recruiting AIs before a new employment relationship is established.