MAS Announces Establishment of Culture and Conduct Steering Group
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
Previous Article
FCA Communicates No Impact of COVID-19 on LIBOR Transition DateNext Article
Randal Quarles of FED Appointed as New FSB ChairRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
