MAS and the Association of Banks in Singapore (ABS) jointly conducted a two-day cyber-themed business continuity exercise to strengthen the financial sector resilience to cyber-attacks and operational disruptions. This was the sixth edition of the exercise, which is code-named as Exercise Raffles. As part of this exercise, financial institutions responded to scenarios of cyber-attacks and operational disruptions by activating their business continuity and crisis management plans and by practicing their public communications and coordination. The scenarios included banking and payment service disruptions, trading disorders, data theft, and spreading of rumors and falsehoods on social media. HKMA and Financial Services Information Sharing and Analysis Center (FS-ISAC) were the first time participants in this exercise.
Exercise Raffles involved over 140 organizations, including banks, insurers, capital market services licensees, financial utility providers, finance companies, industry associations, and the Singapore Exchange. The exercise was supported by the Cyber Security Agency of Singapore (CSA) and financial industry partners that included SWIFT, FIS Global, and Merimen Technologies (Singapore) Pte Ltd. This exercise brought together the public and private sectors to test the response capabilities and develop comprehensive plans to improve cyber preparedness. Among the many learning points from the exercise was "the need for better coordination to manage the implications of operational disruptions in one financial institution on others within and beyond the financial sector," said Mr. Tan Yeow Seng, the Chief Cyber Security Officer of MAS.
Keywords: Asia Pacific, Singapore, Banking, Insurance, Securities, Business Continuity, Cyber Risk, Operational Risk, Exercise Raffles, MAS
ECB finalized the guide on assessment methodology for the internal model method for calculating exposure to counterparty credit risk (CCR) and the advanced method for own funds requirements for credit valuation adjustment (A-CVA) risk.
EBA published an Opinion addressed to EC to raise awareness about the opportunity to clarify certain issues related to the definition of credit institution in the upcoming review of the Capital Requirements Directive and Regulation (CRD and CRR).
APRA is consulting on updates to ARS 210.0, the reporting standard that sets out requirements for provision of information on liquidity and funding of an authorized deposit-taking institution.
FED released hypothetical scenarios for a second round of stress tests for banks.
PRA published updates in relation to the 2021 Supervisory Benchmarking Portfolio exercise.
FED adopted a proposal to extend for three years, with revision, the capital assessments and stress testing reports (FR Y-14A/Q/M; OMB No. 7100-0341).
HKMA revised the Supervisory Policy Manual module CR-G-14 on margin and other risk mitigation standards for non-centrally cleared over-the-counter (OTC) derivatives transactions.
EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.
EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).
NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.