Regulatory Alerts2017-09-07
Added · Updated
Operational Incidents Watch Issue No. 8
The Hong Kong Monetary Authority issued the eighth issue of the Operational Incidents Watch newsletter to share lessons from significant banking sector incidents. The regulator requires authorized institutions to ensure senior management reviews and enhances risk management controls based on these incidents. This periodic publication aims to help institutions and the public stay alert and prevent similar operational failures.
Our Ref.: B1/15C B9/81C 7 September 2017 The Chief Executive All Authorized Institutions Dear Sir/Madam, Operational Incidents Watch The Hong Kong Monetary Authority (HKMA) published today the enclosed eighth issue of Operational Incidents Watch (see enclosure). 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 to stay alert and to take appropriate measures to prevent similar incidents from happening to them. The HKMA expects the senior management of AIs to take steps to ensure that their business lines or operational risk management functions will take into account the incidents described in the Operational Incidents Watch in reviewing and enhancing where necessary their institutions’ risk management controls. If there are any questions on the Operational Incidents Watch, please contact Mr Chi-kau Lee at 2878-8271 or Ms Debora Chan at 2878-1593. Yours faithfully, Raymond Chan Executive Director (Banking Supervision) Encl