Regulatory Alerts2021-06-28
Added
Guidelines on Risk Management Practices – Board and Senior Management
The Monetary Authority of Singapore issued these July 2021 guidelines to define the corporate governance roles of Boards and senior management in ensuring sound risk management within financial institutions. The document mandates that Boards approve strategic direction, risk appetite, and remuneration policies while maintaining ultimate accountability for oversight and independent risk function resourcing. Senior management is required to implement comprehensive risk systems, conduct regular stress testing, and report material adverse developments or changes in leadership to the Authority.
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