MAS proposed guidelines to strengthen individual accountability of senior managers and raise standards of conduct in financial institutions. The guidelines are a key part of the broader efforts of MAS to foster a culture of ethical behavior and responsible risk-taking in the financial industry. MAS invited comments on the guidelines, from financial institutions and other interested parties, by May 25, 2018.
The guidelines reinforce financial institutions’ responsibilities in the following three key areas:
- Promoting the individual accountability of senior managers
- Strengthening the oversight of employees in material risk functions
- Embedding standards of proper conduct among all employees
The guidelines provide financial institutions with the operational flexibility to determine the most appropriate ways to achieve the desired outcomes of proper accountability and conduct. MAS will monitor financial institutions’ progress in implementing the guidelines through its regular supervisory engagements.
Comment Due Date: May 25, 2018
Keywords: Asia Pacific, Singapore, Banking, Insurance, Securities, Financial Institutions, Accountability, Business Conduct, MAS
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