
New Zealand Reserve Bank issues non-banking risk management standards
Daily news headlines
WELLINGTON, NZ - Risk management standards from the Reserve Bank of New Zealand offer regulatory guidelines for building societies, credit unions and other non-banking deposit taking companies.
The risk management programme guidelines specify that deposit-taking firms are required to put a risk management programme in place, identifying and monitoring credit, market, liquidity and operational risks.
"The development of these regulations is another positive step forward in implementing the new prudential regime for non-banks, which is aimed at improving the future resilience of New Zealand's non-bank financial sector," said Grant Spencer, deputy governor of the Reserve Bank."
The Reserve Bank, which acts as New Zealand's central bank, financial stability watchdog, prudential regulator and supervisor, says firms will need to assess their preparedness for stress events, business disruption, as well as clarify board and senior management responsibilities.
Its guidelines follow a draft consultation paper issued in June, which the Reserve Bank says encouraged generally supportive industry submissions. The Reserve Bank says the new requirements must now be implemented by September 1, 2009.
Click here to read the risk management programme guidelines.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Regulation
Regulation
What lies beneath: Nomura’s iceberg balance sheet
Collateral received by the Japanese bank exceeds its total on-balance-sheet assets – does it matter?
Receive this by email