Featured Product

    OCC to Renew Information Collections on Market Risk & Cyber Risk Tool

    May 31, 2022

    The Office of the Comptroller of the Currency (OCC) is seeking, until June 30, 2022, comments on the renewal of the information collection on the market risk capital rule. Comments are also being sought, on behalf of the US Agencies, for the renewal of the information collection titled “FFIEC Cybersecurity Assessment Tool,” for which the comment period ends on August 01, 2022; here, the US Agencies being referred to are the Board of Governors of the Federal Reserve System (FED), the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA).

    The information collection on market risk capital rule (12 CFR part 3, subpart F) applies to national banks and federal savings associations with significant exposure to market risk; this includes the national banks and federal savings associations with aggregate trading assets and trading liabilities equal to 10% or more of the quarter-end total assets, or USD 1 billion or more. The rule captures positions for which the market risk capital rule is appropriate, reduces procyclicality in market risk capital requirements, enhances risk-sensitivity of OCC's capital requirements by measuring risks that are not adequately captured under the requirements for credit risk;, and increases transparency through enhanced disclosures. The rule enhances risk-sensitivity and includes requirements for the public disclosure of certain qualitative and quantitative information about the market risk of national banks and federal savings associations. This information collection is necessary to ensure capital adequacy appropriate for the level of market risk. The estimated number of respondents for the information collection is 19.

    The information collection on cybersecurity assessment necessitates a financial institution to identify its inherent cyber risk profile based on technologies and connection types, delivery channels, online or mobile products and technology services, organizational characteristics, and cyber threats it is likely to face. Once a financial institution identifies its inherent cyber risk profile, it can use the Assessment's maturity matrix to evaluate its level of cybersecurity preparedness based on its cyber risk management and oversight, threat intelligence and collaboration, cybersecurity controls, external dependency management, and cyber incident management and resiliency planning. A financial institution may use the matrix's maturity levels to identify opportunities for improving its cyber risk management based on its inherent risk profile. The Assessment also enables a financial institution to rapidly identify areas that could improve the financial institution's cyber response programs, as appropriate. Use of the Assessment by financial institutions is voluntary. OCC is requesting comments on renewal of this information collection, which was developed by the US Agencies, along with the other the Federal Financial Institutions Examination Council (FFIEC) members, to assist financial institutions of all sizes in assessing their inherent cyber risks and their risk management capabilities.

     

    Related Links

     

    Keywords: Americas, US, Banking, Market Risk, Information Collection, Basel, Regulatory Capital, Reporting, Regtech, Cyber Risk, OCC, FFIEC, US Agencies

    Featured Experts
    Related Articles
    News

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News
    News

    EP Reaches Agreement on Corporate Sustainability Reporting Directive

    The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).

    June 21, 2022 WebPage Regulatory News
    News

    PRA Consults on Model Risk Management Principles for Banks

    The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.

    June 21, 2022 WebPage Regulatory News
    News

    EC Regulation Amends Standards for Calculating Credit Risk Adjustments

    The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    June 21, 2022 WebPage Regulatory News
    News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News
    News

    EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance

    The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.

    June 17, 2022 WebPage Regulatory News
    News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News
    News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News
    News

    UK Authorities Issue Regulatory and Reporting Updates for Banks

    The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.

    June 15, 2022 WebPage Regulatory News
    News

    BCBS Issues Climate Risk Principles while HKMA Expresses Its Support

    The Basel Committee on Banking Supervision (BCBS) issued principles for the effective management and supervision of climate-related financial risks.

    June 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8283