Featured Product

    SBV Discusses Credit Risk Measures, Cyber Risk, and Digital Strategy

    February 07, 2022

    The State Bank of Vietnam (SBV) announced its decision to continue to focus on implementing a number of credit risk management measures in 2022, in response to the economic difficulties resulting from the COVID-19 pandemic; these include directing credit institutions to continue creating favorable conditions for affected debtors and to continue to implement government-introduced credit programs and policies. In another development, SBV notes that, at the Bank for International Settlements (BIS) general meeting of Governors in January 2022, it was highlighted that the Vietnamese authority's Cyber Security Development Strategy for 2021–2025 identifies the priority goal of building a professional and modern cyber-security and safety foundation; the theme of the BIS meeting was "Central banks' priorities in responding to and managing cyberspace risks.” Moreover, SBV issued Directive No. 02/CT-NHNN, which directs relevant entities to accelerate the digital transformation and ensure the information technology security for banking operations.

    The following are additional highlights of these recent developments:

    • The SBV Cyber Security Development Strategy for 2021–2025 includes proactively identifying and promptly resolving any cyberspace safety and security incidents, ensuring the information safety and security, supporting effectively the specialized operations of SBV, and assisting the supervision and responses to any information security incidents in the banking sector. To achieve this goal, SBV will actively promote cooperation, create networks, share more information on cyber-security in a quick and timely manner, share and support the development of governance activities enhancing the cyber resilience and recovery of the information systems, and participate in the cooperation mechanisms and discussions on cyber security and safety.
    • With respect to the Directive on digital transformation, SBV requests all SBV entities, credit institutions, and foreign bank branches and the intermediary payment service providers to focus on implementing the specific tasks and measures. These include proactively implementing the tasks and measures as stipulated in the Digital Transformation Plan of the Banking Sector, improving awareness about the role and advantages of the digital transformation, and enhancing the cooperative activities, experience sharing, research and application of digital technology to banking operations. SBV also encouraged credit institutions and intermediary payment service providers to develop and implement their own frameworks of risk management as well as to regularly review and assess risks to have contingent plans and timely response solutions. Credit institutions are encouraged to proactively research and deploy digital technology and solutions in design, products, and services in line with the SBV vision about digital transformation in the banking sector. SBV requests credit institutions to working closely with the relevant authorities to combat crime and fraud in the cyberspace as well as to promptly report to SBV about any security-related issues.

     

    Related Links (in English and Vietnamese)

     

    Keywords: Asia Pacific, Vietnam, Banking, Covid 19, Cyber Risk, Credit Risk, Digital Transformation Plan, Regtech, SBV

    Related Articles
    News

    EBA Sets Out Roadmap for 2023, Updates Reporting Framework 3.2

    The European Banking Authority (EBA) published its work program for 2023 as well as the technical package for phase 3 of version 3.2 of its reporting framework.

    September 30, 2022 WebPage Regulatory News
    News

    FED Announces Launch of Climate Scenario Analysis Exercise in 2023

    The Board of Governors of the Federal Reserve System (FED) announced a pilot climate scenario analysis exercise for six largest banks in the U.S.

    September 29, 2022 WebPage Regulatory News
    News

    BIS Paper Studies Impact of Fintech Lending on Small Businesses in US

    The Bank for International Settlements (BIS) published a paper that studies impact of fintech lending on credit access for small businesses in U.S.

    September 26, 2022 WebPage Regulatory News
    News

    UK Regulators Issue CRR Changes and Stress Test Scenarios for Banks

    The Prudential Regulation Authority (PRA) issued the policy statement PS8/22 to amend the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and update the supervisory statement SS7/13 titled "Definition of capital (CRR firms).

    September 26, 2022 WebPage Regulatory News
    News

    EBA Launches EU-Wide Transparency Exercise in 2022

    The European Banking Authority (EBA) launched the EU-wide transparency exercise for 2022, with results of the exercise expected to be published at the beginning of December, along with the annual Risk Assessment Report.

    September 23, 2022 WebPage Regulatory News
    News

    SRB on CRR Quick-Fix to Policy for Multiple Point of Entry Banks

    The Single Resolution Board (SRB) welcomed the adoption of the review of the Capital Requirements Regulation, or CRR, also known as the "CRR quick-fix."

    September 22, 2022 WebPage Regulatory News
    News

    EC Rule Lists Advanced Economies for Market Risk Capital Calculations

    The European Commission (EC) recently adopted the Delegated Regulation 2022/1622, which sets out the regulatory technical standards to specify the countries that constitute advanced economies for the purpose of specifying risk-weights for the sensitivities to equity.

    September 21, 2022 WebPage Regulatory News
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8523