Featured Product

    AMF Publishes Guideline on ICT Risk Management

    February 27, 2020

    AMF published the guideline on information and communications technology (ICT) risk management. The guideline takes into account developments in ICT risk management and reflects observations made by AMF in the course of its supervisory activities in relation to the financial institutions concerned. The effective date of this guideline is February 27, 2020. With respect to the legal obligation imposed on the institutions to follow sound and prudent management practices, AMF expects each institution to adopt the principles of this guideline by developing strategies, policies, and procedures commensurate with its nature, scale, complexity, and risk profile.

    The guideline is intended for authorized insurers, federations of mutual companies, financial services cooperatives, and legal persons belonging to a cooperative group, authorized trust companies, savings companies, and certain other deposit institutions. It describes the expectations of AMF with respect to ICT risk. The ultimate goal of these expectations is to strengthen the financial sector’s resilience in response to the risk of data being lost, leaked, stolen, corrupted, or accessed without authorization. These expectations are intended to ensure the development of appropriate security hygiene through the implementation of measures that will help prevent a major incident and limit its impact.

    Each institution is responsible for clearly understanding all its ICT risks and ensuring that they are appropriately considered in light of the institution’s nature, size, complexity, and risk profile. AMF is also responsible for staying current on the best practices in ICT risk management and adopting them to the extent that they meet its needs. The standards or policies adopted by a federation with respect to financial services cooperatives and mutual insurance associations that are members of the federation should be consistent, if not convergent, with the principles of sound and prudent management set down in legislation and clarified in this guideline.

     

    Effective Date: February 27, 2020

    Keywords: Americas, Canada, Banking, Insurance, Guideline, ICT, Cyber Risk, Data Protection, AMF

    Related Articles
    News

    PRA Consults on Implementation of Certain Provisions of CRD5

    PRA, via the consultation paper CP12/20, proposed changes to its rules, supervisory statements, and statements of policy to implement certain elements of the Capital Requirements Directive (CRD5).

    July 31, 2020 WebPage Regulatory News
    News

    EIOPA Report Identifies Key Financial Stability Risks for Insurers

    EIOPA published the financial stability report that provides detailed quantitative and qualitative assessment of the key risks identified for the insurance and occupational pensions sectors in the European Economic Area.

    July 30, 2020 WebPage Regulatory News
    News

    EBA Publishes Risk Dashboard for First Quarter of 2020

    EBA published its risk dashboard for the first quarter of 2020 together with the results of the risk assessment questionnaire.

    July 30, 2020 WebPage Regulatory News
    News

    EBA Issues Updates on Stress Test Exercise for Banks in EU

    EBA announced that the next stress testing exercise is expected to be launched at the end of January 2021 and its results are to be published at the end of July 2021.

    July 30, 2020 WebPage Regulatory News
    News

    PRA Proposes Guidance Related to Matching Adjustment under Solvency II

    PRA published the consultation paper CP11/20 that sets out its expectations and guidance related to auditors’ work on the matching adjustment under Solvency II.

    July 30, 2020 WebPage Regulatory News
    News

    MAS Issues Guidance on Dividend Distributions by Banks

    MAS published a statement guidance on dividend distribution by banks.

    July 30, 2020 WebPage Regulatory News
    News

    APRA Updates Guidance on Capital Management for Banks

    APRA updated its capital management guidance for banks, particularly easing restrictions around paying dividends as institutions continue to manage the disruption caused by COVID-19 pandemic.

    July 29, 2020 WebPage Regulatory News
    News

    FSB Report Reviews Macro-Prudential Framework and Tools in Germany

    FSB published a report that reviews the progress on data collection for macro-prudential analysis and the availability and use of macro-prudential tools in Germany.

    July 29, 2020 WebPage Regulatory News
    News

    EBA Urges Firms to Finalize Preparations for End of Brexit Transition

    EBA issued a statement reminding financial institutions that the transition period between EU and UK will expire on December 31, 2020; this will end the possibility for the UK-based financial institutions to offer financial services to EU customers on a cross-border basis via passporting.

    July 29, 2020 WebPage Regulatory News
    News

    SRB on Operational Continuity in Resolution and FMI Contingency Plans

    SRB published guidance on operational continuity in resolution and financial market infrastructure (FMI) contingency plans.

    July 29, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5604