FFIEC issued the Business Continuity Management (BCM) booklet, which is part of the FFIEC Information Technology Examination Handbook. The booklet focuses on assessing an entity's resilience through an enterprise risk management perspective that considers technology, business operations, communication strategies, training, testing, maintenance, and improvement—issues that are critical to business continuity. The booklet describes principles to help examiners determine whether management addresses risks related to the availability of critical financial products and services. The booklet uses common terms and builds on widely used standards to facilitate effective supervision. The booklet also addresses the topic of business continuity strategies for ensuring cyber resilience and managing third-party service providers. FFIEC members emphasized that examiners understand how management of banks and other regulated entities, including depository financial institutions, nonbank financial institutions, bank holding companies, and third-party service providers, have prepared their operations to avoid disruptions and to recover services.
Keywords: Americas, US, Business Continuity, Cyber Risk, Third-Party Service Providers, IT Examination Handbook, FFIEC, FDIC
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BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.