Regulatory Alerts2013-03-01
Added
Guidelines on Risk Management Practices – Operational Risk
The Monetary Authority of Singapore issues these guidelines to establish key elements for an institution’s operational risk management framework, including business continuity and outsourcing. Institutions are required to implement sound strategies, policies, and processes approved by the Board to identify, measure, and mitigate operational risks consistent with their risk appetite. Additionally, entities must maintain effective information systems for monitoring and reporting, notify the regulator of significant developments, and adhere to specific expectations regarding outsourcing activities.
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