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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.
Cloud & Infrastructure
Kakao Under Probe Over Unprecedented Service Disruption
By Editors | 19/10/2022
A fire occurred at a data centre where Kakao operates 32,000 servers that support the vast majority of its mobile services.
Resolution & Recovery
RBI Revises Rules for Asset Reconstruction Companies
By Editors | 16/10/2022
Under the new framework, ARCs can act as resolution applicants under the Insolvency and Bankruptcy Code.
Payments & Settlements
RBA Suffers, and Recovers from, Four-Hour Outage
By Editors | 14/10/2022
The outage disrupted real-time and overnight payments routed through the NPP, causing a backlog of transactions which the RBA is working to clear.
Operational Risk
APRA Orders RACQ to Uplift Risk, Compliance Frameworks
By Editors | 12/10/2022
APRA identified issues with RACQ’s risk and compliance framework and practices, unclear accountabilities, and an “immature risk culture”.
Credit Risk
Philippines Set to Adopt Standardised Forms for Loan Applications
By Editors | 10/10/2022
Lenders will be required to use standard loan application forms, which will make credit more accessible to small businesses.
Operational Risk
APRA Asks Super Trustees to Improve Outsourcing Arrangements
By Editors | 08/10/2022
APRA expects all trustees to evaluate and improve their processes for selecting, monitoring and overseeing outsourcing arrangements.
Operational Risk
FMA Proposes Guidance on Keeping Proper Accounting Records
By Editors | 05/10/2022
The FMA offers guidance for reporting entities on their obligations under the FMC Act to keep proper accounting records.
Credit Risk
China: Banks Directed to Boost Movable Asset-Based Financing
By Editors | 04/10/2022
New regulatory guidance calls on banks to offer businesses movable property- and rights-based financing, and to expand the types of collateral they accept for loans.
Credit Risk
SEBI Issues New Rules for Ratings of Credit-enhanced Securities
By Editors | 30/09/2022
The rules require CRAs to make certain disclosures and conduct independent due diligence on the nature of support provided by an external or third party.
Conduct, Culture & Accountability
RBI Issues New Standards for Compliance Function of UCBs
By Editors | 25/09/2022
Tier 4 UCBs and tier 3 urban cooperative banks are directed to appoint a chief compliance officer by 1 April 2023 and 1 October 2023, respectively.
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