Regulatory Alerts2022-07-18
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Regtech Adoption Practice Guide Issue #7: Third-Party Monitoring and Risk Management
The Hong Kong Monetary Authority issued the seventh issue of its Regtech Adoption Practice Guide to provide implementation guidance for banks adopting third-party monitoring and risk management solutions. The document advises financial institutions on utilizing Regtech to effectively manage risks associated with third parties while maintaining operational efficiency. It aims to help banks address specific challenges in third-party management to ensure a stable business environment.
Our Ref: B1/15C
18 July 2022 The Chief Executive All Authorized Institutions Dear Sir/Madam, Regtech Adoption Practice Guide I am writing to share with the industry the seventh issue of the Regtech Adoption Practice Guide. This issue focuses on Regtech solutions that help banks manage third-party monitoring and risk management (TPRM). TPRM Regtech solutions can help to ensure the risks associated with third-parties are properly managed and allow the business to keep functioning efficiently in a stable environment. This practice guide provides implementation guidance to help banks plan the adoption of TPRM Regtech solutions. It offers advice on how banks can use TPRM Regtech solutions to address the risks and challenges associated with thirdparty management. If your institution has any questions regarding Regtech or any feedback on this Regtech Adoption Practice Guide series, please feel free to contact Mr Peter Siu on 2878-8561 or Mr Ricky Liu on 2878-1458. Yours faithfully, Raymond Chan Executive Director (Banking Supervision) Encl
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