Regulatory Alerts2022-03-10
Maldives Monetary Authority Risk Management Guidelines
Issued by the Maldives Monetary Authority on 10 March 2022, the circular mandates that all banks, finance companies, and insurance companies implement minimum risk management standards to safeguard institutional and sector-wide financial soundness. The appended guidelines establish a comprehensive framework for identifying, assessing, and mitigating financial risks, requiring institutions to integrate these practices with existing regulatory mandates and industry standards. Strict adherence is emphasized to strengthen the overall stability of the Maldivian financial system and mitigate systemic vulnerabilities.
بسم الله الرحمن الرحيم
[MALDIVES MONETARY AUTHORITY LOGO]
MALDIVES MONETARY AUTHORITY
CN-BSD/2022/5
10th March 2022
To: All Banks,
Dear Sir,
RISK MANAGEMENT GUIDELINES
In order to ensure that the financial institutions have adequate risk management frameworks, MMA is issuing the appended Risk Management Guidelines for Banks, Finance Companies, and Insurance Companies which provides guidance on the minimum standards of risk management.
As appropriate risk management practices are crucial for the financial soundness of the individual institutions as well as for the entire financial sector, it is highly emphasized that this guideline along with regulatory requirements and other applicable industry standards are considered where appropriate by all institutions in improving their respective risk management framework.
Yours sincerely,
[Signature]
Mariyam Shifa Assistant Governor, Financial Stability
Phone: +960 3314940 / +960 3339880 | SWIFT: MMAUMVMV | Maldives Monetary Authority | Email: mail@mma.gov.mv | mma.gov.mv