Singapore releases guidelines on risk management practices
The Monetary Authority of Singapore (MAS) has released a series of guidelines on risk management practices. The guidelines cover credit risk, market risk, internal controls and the role of an institution’s board of directors and senior management.
The guidelines encourage financial institutions to establish a comprehensive risk management framework. Though not exhaustive, they call attention to four cornerstones of effective risk management and sound internal controls, notably:
• The role of the Board in its oversight of risk management policies and their implementation;
• The role of senior management in ensuring that sound policies, effective procedures and robust systems are in place;
• The presence of sound risk management
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