Guidelines on sound risk management practices issued by Singapore regulators today emphasise the three pillars of adequate management oversight, sound risk management policies and strong risk measurement ability.The Monetary Authority of Singapore (MAS), the island state’s principal financial regulator, said the guidelines are aimed at banks, insurers and finance companies within the agency’s jurisdiction. The MAS set a deadline of November 30 for industry comment.
The guidelines cover the management of credit, market and liquidity risks as well as providing guidance on sound internal controls.
The principles recommended are not intended to be exhaustive or to prescribe a uniform set of risk management requirements for all financial firms. But today’s world of global interdependence and market forces results in substantial integration among firms, which gives rise to a high degree of common risk management challenges, the MAS said.
(Guidelines on Sound Risk Management Practices from the Monetary Authority of Singapore is available on the agency’s website:
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