Operational Risk

Cybersecurity

Korea FSS Issues Guidance on Mitigating Technology Risks

By Editors | 09/11/2023

The guidelines are intended to improve the level of IT internal control in the financial industry and improve the resilience of individual firms.

Operational Risk

DBS to Strengthen In-House Software Engineering Team

By Editors | 08/11/2023

DBS chief Piyush Gupta said deeper engineering talent is needed in-house to troubleshoot software bugs such as those that caused this year’s service disruptions.

Cybersecurity

RBI Finalises New Master Directions on IT Governance

By Ajoy K Das | 08/11/2023

The master directions, effective from 1 April 2024, specify the IT governance responsibilities of the board and senior management.

Operational Risk

Singapore’s OCBC Experiences 2.5 Hour Service Disruption

By Editors | 08/11/2023

In Singapore, banks are required to ensure that critical systems and services can be restored within four hours following an outage.

Operational Risk

MAS Imposes Restrictions on DBS Over Service Disruptions

By Editors | 01/11/2023

DBS has to suspend business acquisitions and non-essential changes to its IT systems, instead dedicating its resources and attention to technology resiliency.

Capital Adequacy

APRA Applies A$20m Capital Charge to RAC Insurance

By Sanday Chongo Kabange | 01/11/2023

APRA said its review of RAC Insurance revealed “significant weaknesses” in its outsourcing controls, conflict management and board decision making.

Operational Risk

Japan FSA Directs Banks to Further Improve Internal Audit Function

By Editors | 29/10/2023

The sophistication of internal audits differs across banks, largely due to the degree of involvement by management, the FSA says.

Operational Risk

RBI Releases Draft Master Directions on Managing Outsourcing Risks

By Ajoy K Das | 27/10/2023

The draft makes clear that regulated entities may not outsource core management functions, such as decision-making functions like loan approvals.

Capital Adequacy

China Finalises New Capital Management Rules for Banks

By Editors | 27/10/2023

The new rules revise how risk weights are measured, enhance supervision of the banking sector and improve information disclosure requirements.