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 to Start Using AI for Monitoring Soundness of FIs

    By Editors | 17/08/2024

    The new system is being put in place to speed up the detection of issues in the financial system and help prevent financial crises and bank failures.

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    Cybersecurity

    APRA Issues Guidance to Address Cyber Control Weaknesses

    By Sanday Chongo Kabange | 16/08/2024

    APRA has identified issues relating to security in configuration management, privileged access management, and security testing.

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    Operational Risk

    BNM Penalises Maybank, CIMB for Multiple Service Disruptions

    By Jaya Prakash Balakrishnan | 15/08/2024

    BNM said that CIMB and Maybank’s inability to promptly recover from system disruptions severely impacted customers and counterparties.

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    Credit Risk

    OJK Indonesia Adds New Entity Types to Credit Score Database

    By Nithya Subramanian | 13/08/2024

    The OJK said debtor-related information will become more comprehensive with the inclusion of insurers, guarantee companies and P2P lenders.

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    Conduct, Culture & Accountability

    Evergrande Liquidators Are Suing PwC for Damages – Report

    By Editors | 09/08/2024

    The writ of summons accuses PwC of breach of contract, breach of duty, misrepresentation, negligence, and/or unjust enrichment.

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    Cybersecurity

    BSP Unveils 5yr Financial Services Cyber Resilience Plan

    By Sanday Chongo Kabange | 08/08/2024

    The plan set out key goals, priority actions and milestones to be achieved between 2024 to 2029 to enhance industry resilience against cyber threats.

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    Operational Risk

    APRA Removes NM Super’s Additional Licence Conditions

    By Sanday Chongo Kabange | 06/08/2024

    The additional licence conditions were imposed by APRA in 2019 over governance and risk management concerns.

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    Cybersecurity

    ECB Concludes First Cyber Resilience Stress Test for Banks

    By Manesh Samtani | 29/07/2024

    The ECB said the results will help raise awareness about existing cyber risks and “the need for investment to further enhance cyber resilience”.

    Cloud & Infrastructure

    US Regulators Request Information from Banks on Fintech Partnerships

    By Editors | 27/07/2024

    The Fed, FDIC, and OCC asked banks to provide information on their arrangements with third party fintech firms and risk management practices.

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    Cryptocurrency

    BOK Amends Rules to Enable Data Collections from VASPs

    By Manesh Samtani | 24/07/2024

    VASPs will be required to submit business reports to BOK every quarter, as well as other information if requested by the central bank.

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