Regulatory Alerts2021-04-21
Added · Updated
Principles for Operational Resilience and Revised Principles for Sound Management of Operational Risk
The Hong Kong Monetary Authority notifies authorized institutions of the Basel Committee on Banking Supervision's issuance of the Principles for Operational Resilience and the Revised Principles for Sound Management of Operational Risk. These frameworks require banks to enhance their ability to withstand significant operational disruptions by integrating governance, business continuity, and ICT risk management into their overall risk frameworks. Authorized institutions are expected to implement the revised principles as soon as practicable and prepare for necessary system changes while the HKMA develops local implementation guidance.
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