Regulatory Alerts2016-03-16
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Operational Incidents Watch Issue No. 5
The Hong Kong Monetary Authority issued the fifth issue of the Operational Incidents Watch newsletter to share lessons from significant banking sector incidents. The regulator requires authorized institutions' senior management to ensure relevant business lines review and enhance risk management controls based on these findings. This directive aims to facilitate prevention of similar operational failures through improved internal measures and customer education.
Our Ref.: B1/15C B9/81C 16 March 2016 The Chief Executive All Authorized Institutions Dear Sir/Madam, Operational Incidents Watch The Hong Kong Monetary Authority published today the enclosed fifth issue of Operational Incidents Watch. The Operational Incidents Watch is a periodic newsletter to share with the industry the major lessons learnt from selected significant operational incidents that have happened in the banking sector. It aims at facilitating authorized institutions (AIs) and members of the public in Hong Kong to stay alert and to take appropriate measures to prevent similar incidents from happening to them. In this connection, we expect AIs’ senior management to ensure that their relevant business lines and operational risk management functions will take into account the Operational Incidents Watch to review and enhance where appropriate the relevant risk management controls, including any applicable customer education efforts. If there are any questions on this Operational Incidents Watch, please contact Mr Parry Tang at 2878-1524 or Ms Debora Chan at 2878-1593. Yours faithfully, Raymond Chan Executive Director (Banking Supervision) Encl.
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