Regulatory Alerts2018-08-24
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Operational Incidents Watch Issue No. 9
The Hong Kong Monetary Authority issued the ninth issue of the Operational Incidents Watch to highlight major lessons from significant banking sector incidents. The regulator requires authorized institutions to ensure senior management incorporates these lessons into risk management control reviews. This periodic newsletter aims to help institutions and the public prevent similar operational failures through enhanced vigilance and appropriate measures.
Our Ref.: B1/15C B9/81C 24 August 2018 The Chief Executive All Authorized Institutions Dear Sir/Madam, Operational Incidents Watch The Hong Kong Monetary Authority (HKMA) published today the ninth issue of the Operational Incidents Watch (see enclosure). The Operational Incidents Watch is a periodic newsletter which highlights the major lessons learnt from selected significant operational incidents that have happened in the banking sector. It aims to help 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 their risk management controls. If there are any questions about the Operational Incidents Watch, please contact Ms Rachel Wan at 2878-8297 or Ms Christie Yee at 2878-1620. Yours faithfully, Raymond Chan Executive Director (Banking Supervision) Encl
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