Designated clearing and settlement utilities are required to establish an incident management framework and advance their cyber resilience capabilities.
March 10, 2024Any major operational risk event that occurs must be reported to the SAC on the same day, along with related impacts and response measures.
December 7, 2023QRTAs are required to declare a disaster within 30 minutes of an incident and must be able to switch to the DRS within 45 minutes.
October 23, 2023The FSC reminds the public of the risks and legal consequences of buying overseas insurance products that have not been approved by local authorities.
September 14, 2023APRA's Therese McCarthy Hockey said additional capital requirements will be imposed on entities found to be "significantly wanting" in compliance.
August 26, 2023The rules implement "differentiated regulatory requirements" based on an institution's development strategy, business scale, complexity, and risk status.
July 28, 2023An IT system upgrade in April 2018 resulted in nearly 2 million TSB Bank customers being unable to access banking services.
December 22, 2022APRA expects all trustees to evaluate and improve their processes for selecting, monitoring and overseeing outsourcing arrangements.
October 8, 2022MAS conducted thematic inspections on the operational risk management standards and practices of selected banks, with a focus on third party risk management.
August 8, 2022Banks are expected to implement the revised SPM module on operational risk management by 25 January 2024.
July 27, 2022