Featured Product

    OCC to Renew Information Collections on Market Risk & Cyber Risk Tool

    May 31, 2022

    The Office of the Comptroller of the Currency (OCC) is seeking, until June 30, 2022, comments on the renewal of the information collection on the market risk capital rule. Comments are also being sought, on behalf of the US Agencies, for the renewal of the information collection titled “FFIEC Cybersecurity Assessment Tool,” for which the comment period ends on August 01, 2022; here, the US Agencies being referred to are the Board of Governors of the Federal Reserve System (FED), the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA).

    The information collection on market risk capital rule (12 CFR part 3, subpart F) applies to national banks and federal savings associations with significant exposure to market risk; this includes the national banks and federal savings associations with aggregate trading assets and trading liabilities equal to 10% or more of the quarter-end total assets, or USD 1 billion or more. The rule captures positions for which the market risk capital rule is appropriate, reduces procyclicality in market risk capital requirements, enhances risk-sensitivity of OCC's capital requirements by measuring risks that are not adequately captured under the requirements for credit risk;, and increases transparency through enhanced disclosures. The rule enhances risk-sensitivity and includes requirements for the public disclosure of certain qualitative and quantitative information about the market risk of national banks and federal savings associations. This information collection is necessary to ensure capital adequacy appropriate for the level of market risk. The estimated number of respondents for the information collection is 19.

    The information collection on cybersecurity assessment necessitates a financial institution to identify its inherent cyber risk profile based on technologies and connection types, delivery channels, online or mobile products and technology services, organizational characteristics, and cyber threats it is likely to face. Once a financial institution identifies its inherent cyber risk profile, it can use the Assessment's maturity matrix to evaluate its level of cybersecurity preparedness based on its cyber risk management and oversight, threat intelligence and collaboration, cybersecurity controls, external dependency management, and cyber incident management and resiliency planning. A financial institution may use the matrix's maturity levels to identify opportunities for improving its cyber risk management based on its inherent risk profile. The Assessment also enables a financial institution to rapidly identify areas that could improve the financial institution's cyber response programs, as appropriate. Use of the Assessment by financial institutions is voluntary. OCC is requesting comments on renewal of this information collection, which was developed by the US Agencies, along with the other the Federal Financial Institutions Examination Council (FFIEC) members, to assist financial institutions of all sizes in assessing their inherent cyber risks and their risk management capabilities.

     

    Related Links

     

    Keywords: Americas, US, Banking, Market Risk, Information Collection, Basel, Regulatory Capital, Reporting, Regtech, Cyber Risk, OCC, FFIEC, US Agencies

    Featured Experts
    Related Articles
    News

    FINMA Approves Merger of Credit Suisse and UBS

    The Swiss Financial Market Supervisory Authority (FINMA) has approved the takeover of Credit Suisse by UBS.

    March 21, 2023 WebPage Regulatory News
    News

    BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks

    The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.

    March 13, 2023 WebPage Regulatory News
    News

    OSFI Finalizes on Climate Risk Guideline, Issues Other Updates

    The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.

    March 12, 2023 WebPage Regulatory News
    News

    APRA Assesses Macro-Prudential Policy Settings, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) published an information paper that assesses its macro-prudential policy settings aimed at promoting stability at a systemic level.

    March 07, 2023 WebPage Regulatory News
    News

    BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending

    BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.

    March 03, 2023 WebPage Regulatory News
    News

    HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks

    The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.

    March 02, 2023 WebPage Regulatory News
    News

    MFSA Sets Out Supervisory Priorities, Issues Reporting Updates

    The Malta Financial Services Authority (MFSA) outlined its supervisory priorities for 2023

    March 02, 2023 WebPage Regulatory News
    News

    BCBS Report Examines Impact of Basel III Framework for Banks

    The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.

    February 28, 2023 WebPage Regulatory News
    News

    PRA Consults on Prudential Rules for "Simpler-Regime" Firms

    Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.

    February 28, 2023 WebPage Regulatory News
    News

    DNB Publishes Multiple Reporting Updates for Banks

    DNB, the central bank of Netherlands, updated the list of additional reporting requests and published additional data quality checks and XBRL-Formula linkbase documents for the first quarter of 2023.

    February 28, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8803