MAS and the Association of Banks in Singapore announced establishment of the Culture and Conduct Steering Group (CCSG) to promote sound culture and raise conduct standards among banks in Singapore. CCSG, which is chaired by Shee Tse Koon, the Singapore Country Head of DBS Bank, comprises members from 12 other banks in Singapore that have responsibilities in business, risk management, compliance and human resource.
A G30 report on banking conduct and culture had highlighted that industry-wide dialog and sharing of best practices are key to a stronger and healthier banking industry. The CCSG will provide a platform for such exchanges within the banking industry in Singapore. MAS, which is also a member of the CCSG, is intensifying its work with banks to strengthen ethical business practices, prudent risk-taking behavior, and risk management. The CCSG will serve as a platform for industry participants to:
- Identify best practices in the area of culture and conduct and share them with the wider industry to facilitate adoption
- Monitor trends and identify emerging conduct and culture issues in the industry
- Collaborate with MAS on initiatives to promote strong culture and conduct in the industry, including conducting industry self-assessments or updating industry codes of conduct, where necessary
Keywords: Asia Pacific, Singapore, Banking, Culture and Conduct Steering Group, Governance, Conduct Risk, Operational Risk, MAS
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