The Prudential Regulation Authority (PRA) is inviting comments on its proposals to modernize the regulatory framework on outsourcing and third-party risk management. The proposals are outlined in the draft
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United States: OCC amends stress testing rule for national banks and federal savings associations
The Office of the Comptroller of the Currency has amended stress testing requirements for national banks and federal savings associations. The amendment, through a final rule, impacts stress testing -
South African Reserve Bank to implement Basel Committee’s regulatory reforms
The South African Reserve Bank has published G6/2019. G6/2019 outlines the prudential regulator’s proposed implementation dates for various regulatory reforms introduced by the Basel Committee on Banking Supervision. -
IMF concludes 2020 Article IV Consultation with Nigeria
The International Monetary Fund (IMF) has concluded its 2020 Article IV Consultation with Nigeria. In a press release following the exercise, the IMF notes the Nigerian economy is at a -
Bank of England proposes to stress test financial stability implications of climate change
The Bank of England is consulting on its proposed framework for the 2021 Biennial Exploratory Scenario (BES) exercise, in relation to climate-related risks. The objective of the BES is
January 19, 2021
Singapore issues Revised Guidelines to Combat Heightened Cyber Risks
The Monetary Authority of Singapore has issued revised Technology Risk Management Guidelines (Guidelines). Intended to keep pace with emerging technologies and shifts in the cyber threat landscape, the Guidelines focus on addressing technology and cyber risks in an environment of growing use by financial institutions (FIs) of cloud technologies, Asia & South America
January 18, 2021
Australia: New FAQ on Measurement of Credit Risk-Weighted Assets
The Australian Prudential Regulation Authority has published a new frequently asked question (FAQ) on how authorized deposit-taking institutions are to measure credit risk-weighted assets relating to insurance stand-by letters of credit. The FAQ addresses appropriate credit conversion factor to be used in determining the regulatory capital of insurance stand-by Oceania & Antarctica
January 17, 2021
OSFI consults on climate-related risks
OSFI has launched a three-month consultation on addressing climate-related risks in the financial sector. The consultation will be via a discussion paper, ‘Navigating Uncertainty in Climate Change: Promoting Preparedness and Resilience to Climate-Related Risks.’ According to OSFI, the paper focuses on risks arising from climate change that can North America
January 17, 2021
Central Bank of Nigeria issues a Framework for Regulatory Sandbox Operations
The Central Bank of Nigeria has issued a framework for regulatory sandbox operations. According to the Bank, the Framework will enable it to ‘stay abreast of innovations while promoting a safe, reliable and efficient payments system to foster innovation without compromising on the delivery of its mandate.’ This Africa
January 17, 2021
Data Breach Investigation: Reserve Bank of New Zealand reiterates its full commitment
The Reserve Bank of New Zealand (Bank) has assured a recent data breach is receiving its full attention. According to the Bank, a detailed forensic cyber investigation is underway. The Bank indicates it is working directly with stakeholders whose information may have been compromised. The breach was first Oceania & Antarctica