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

    EBA Launches Stress Tests for Banks, Issues Other Updates

    The European Banking Authority (EBA) launched the 2023 European Union (EU)-wide stress test, published annual reports on minimum requirement for own funds and eligible liabilities (MREL) and high earners with data as of December 2021.

    January 31, 2023 WebPage Regulatory News
    News

    EBA Proposes Standards for IRRBB Reporting Under Basel Framework

    The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.

    January 31, 2023 WebPage Regulatory News
    News

    FED Issues Further Details on Pilot Climate Scenario Analysis Exercise

    The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.

    January 17, 2023 WebPage Regulatory News
    News

    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.

    January 04, 2023 WebPage Regulatory News
    News

    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.

    January 01, 2023 WebPage Regulatory News
    News

    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.

    December 30, 2022 WebPage Regulatory News
    News

    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.

    December 29, 2022 WebPage Regulatory News
    News

    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.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    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.

    December 22, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8700