Operational Risk

    News on frameworks, regulations, and major events related to risks arising from internal processes, systems failures, human errors, or external disruptions.

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    Operational Risk

    Japan FSA Calls on Banks to Improve Internal Audit Function

    By Thisanka Siripala | 16/09/2024

    Japanese FIs are directed to refer to the IIA’s Global Internal Audit Standards to enhance their internal audit functions, by 1 January 2025.

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    Cybersecurity

    FINRA Warns of Rising Cyber Risks from Outsourced Services

    By Nithya Subramanian | 16/09/2024

    FINRA warns of threats from data breaches, zero-day vulnerabilities, weather-related outages, and social engineering campaigns.

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    Operational Risk

    FSS Korea Launches Operational Risk Management Task Force

    By Manesh Samtani | 10/09/2024

    The taskforce aims to develop operational risk management standards, guidelines, and implementation plans for the banking, insurance, cards, and IT sectors.

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    Supervision & Enforcement

    Korea FSS Starts Inspections of Debt Collection Practices

    By Editors | 10/09/2024

    On-site inspections will be conducted at 30 loan companies nationwide to assess whether they are using unlawful collection practices.

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    Fraud, Scams & Cybercrime

    Korea Forms Task Force to Enhance Bank Lending Standards

    By Editors | 08/09/2024

    The FSS plans to require verification of loan documents, improve the process for verifying collateral value, and enhance post-loan monitoring standards.

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    Credit Risk

    Hong Kong Banks Pledge to Provide Continued Support to SMEs

    By Manesh Samtani | 06/09/2024

    14 banks committed to replying customers about credit approval reviews within one month and about mortgage loan application outcomes within 14 days.

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    Model Risk

    UK PRA Orders HSBC to Review Data and Risk Practices – Report

    By Nithya Subramanian | 05/09/2024

    The regulator will reportedly require an independent expert review to evaluate four areas: model risk, risk data quality, traded risk, and credit risk.

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    Capital Adequacy

    HKMA Consults on Guidance for Basel III Reform Package

    By Manesh Samtani | 04/09/2024

    The guidance covers certain requirements relating to the rules on operational risk capital, exposure limits and LCR calculation.

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    Emerging Prudential Risks

    China Issues New Rules on Management of Infrastructure Assets

    By Editors | 02/09/2024

    The rules prohibit municipal governments from “illegal and irregular borrowing” to support infrastructure assets that don’t generate revenue, and from increasing “hidden debts”.

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    Credit Risk

    China NFRA Proposes Tighter Rules for Microfinance Industry

    By Editors | 31/08/2024

    A ¥200,000 single-customer limit is set for online loans taken by individuals, and a ¥10mn per household limit for loans by small and micro enterprises and their owners.

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