Regulatory Alerts2023-07-19 | 4/11Added · Updated
Approval of the Regulation on Requirements for Risk Management Systems of Banks and Banking Groups
The Board of Directors of the Central Bank of the Republic of Uzbekistan approves the Regulation establishing requirements for the risk management systems of banks and banking groups, effective July 19, 2023. The regulation mandates that banks implement a risk management system based on a three-line defense model, define risk appetite statements, and establish quantitative risk limits. It requires periodic calculation and submission of consolidated prudential norms for banking groups, annual stress testing of credit, liquidity, and market risks, and the development of emergency financing plans based on stress test results. Additionally, the resolution invalidates certain prior departmental normative legal acts listed in Appendix 2.
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