BOT Sets Out Cyber Risk Assessment Framework and Debt Relief Measures
The Bank of Thailand (BOT) revised the Cyber Resilience Assessment Framework for commercial banks. The framework serves as a reference guide to assess cyber risk levels and close key gaps. The key revisions relate to governance, risk identification, protection mechanism, response and recovery, and third-party risk management. BOT also released the financial stability report, highlighting that the overall Thai financial system is stable, though the economic recovery is still highly uncertain and unequal. Additionally, in response to the economic effect of the continuing COVID-19 pandemic, BOT updated guidelines, under the "debt settlement expressway" project, to help business debtors register for debt restructuring with multiple creditors.
Business debtors who have multiple creditors; have qualifications as specified, such as a total credit line of THB 250 million or more; and encounter problems in negotiating debt restructuring one by one can register for debt restructuring with multiple creditors at once, from January 01, 2022 to December 31, 2023. Businesses with a problem negotiating debt restructuring can register to report problems via the debt settlement expressway, including being able to request advice on solving debt problems and other additional recommendations through the “Debt Doctor Project for the People,” from January 01, 2022. At present, about 75 service providers are in the "debt settlement expressway" network, both under the supervision and outside the supervision of BOT. There exist 254,187 accounts receivables, or 76% of those who meet the conditions, and most of them are retail debtors (data as of November 30, 2021).
Related Links (in Thai)
- Notification on Cyber Resilience Assessment Framework
- Cyber Resilience Assessment Framework (PDF)
- Press Release on Debt Relief Measures
- Press Release on Financial Stability Report
- Financial Stability Report
Keywords: Asia Pacific, Thailand, Banking, COVID-19, Credit Risk, Debt Restructuring, Cyber Resilience Framework, Cyber Risk, Financial Stability Report, NPLs, BOT
Previous Article
PRA Consults on Requirements to Identify Material Risk-TakersRelated Articles
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
FSB Reports Assess NBFI Sector and Progress on LIBOR Transition
The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.