Regulatory Alerts2021-04-21
Added · Updated
Principles for Operational Resilience and Revised Principles for Sound Management of Operational Risk
The Hong Kong Monetary Authority issued this circular on April 21, 2021, to implement the Basel Committee on Banking Supervision's standards on operational resilience and risk management. It requires all authorized institutions to establish robust frameworks for identifying, assessing, and managing operational risks, including significant operational disruption events. The document aligns local supervisory expectations with international best practices to enhance the banking sector's ability to withstand and recover from operational disruptions.
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