HKMA releases supervisory manual
HONG KONG – The Hong Kong Monetary Authority (HKMA) issued a new supervisory policy manual (SPM) on op risk management in late November.
According to Simon Topping, executive director, banking policy at the Hong Kong Monetary Authority, "Failure to implement proper processes and procedures to control operational risks worldwide, has resulted in significant op risk losses for some banks in recent years."
"There is a growing appreciation of a need to establish a sound framework of enhancing op risk management and to take a more proactive approach to managing op risk," says Topping, explaining that op risk management as a separate
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