Regulatory Alerts2024-07-10
Added
Guidelines on Risk Management Practices – Internal Controls
The Monetary Authority of Singapore issued these guidelines to establish sound practices for the internal control environment and business process controls of financial institutions. The document defines internal controls as policies and processes ensuring safe management and outlines requirements for the control environment and specific business activities. These guidelines supersede the July 2014 version effective from 10 July 2024 to align with international standards and industry good practices.
Guidelines
Last Revised Date: 10 July 2024
Guidelines on Risk Management Practices – Internal Controls
Guidance to financial institutions on sound practices for their internal control environment and business process controls.
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Guidelines on Risk Management Practices – Internal Controls
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Internal controls are the policies, procedures and processes to ensure the safe and sound management of financial institutions (FIs). These guidelines provide FIs with guidance on sound and prudent internal controls.
The guidelines cover:
The control environment which sets the tone for the control culture of an institution and influences the control consciousness of its staff.
Business process controls for specific areas or activities within an FI.
Guidelines on Risk Management Practices - Internal Controls (July 2014) (416 KB) is cancelled with effect from 10 July 2024.
Requirements and guidelines on enterprise risk management for designated financial holding companies that have a subsidiary that is a licensed insurer incorporated, formed or established in Singapore (“DFHC (Licensed Insurer”)).
Guidelines on sound practices in carrying out insurance business and principles relating to risk management framework.
Guidelines on risk management practices to mitigate insurance fraud risk.
Enterprise risk management (ERM) requirements and guidelines for licensed insurers.
This consultation paper sets out MAS’ proposed revisions to the Guidelines on Corporate Governance for Designated Financial Holding Companies, Banks, Direct Insurers, Reinsurers and Captive Insurers which are incorporated in Singapore. MAS is proposing these revisions taking into account international standards and industry good practices.
Consultation number:
P004-2021
Start date:
07 May 2021
Closing date:
18 June 2021
MAS response date:
09 November 2021
Information paper outlining MAS' key observations from a review of the industry’s Own Risk and Solvency Assessment (ORSA) reports, with the aim of guiding insurers towards improving their respective ORSAs.