HKMA addresses reputational risk
The Hong Kong Monetary Authority has issued a 'comply or explain' reputational risk guidance module
The regulator states firms should incorporate reputational risk management into their wider risk management programme, but it will also adopt a 'comply or explain' strategy, which will allow firms to diverge from the guidelines provided the HKMA is satisfied with the reasoning behind it.
The HKMA, which developed the guidance after consultation with industry bodies, expects firms to use the module to develop reputational risk management frameworks that are proportional with the size and complexity of their business.
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