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B THE FINANCIAL SECTOR: KEY SUPERVISORY
AND REGULATORY INITIATIVES
 
  Supervision 32
 
Common Risk Assessment
 
Framework Techniques  







32
 
  SUPERVISION

Common Risk Assessment Framework Techniques
 
In 2006, we strengthened our supervision process by building on the harmonised risk assessment framework, known as Common Risk Assessment Framework and Techniques (CRAFT), introduced the year before. We developed guidance materials and provided training to our supervisory staff in assessing the risk profile of financial institutions using CRAFT. We also instituted measures to improve the consistency and robustness of ratings.

We have also begun work on the implementation of a quality assurance (QA) framework for risk-based supervision of institutions supervised by MAS, including banks, finance companies, insurance companies and capital market intermediaries. The QA activities enhance the quality and consistency of supervisory assessments across sectors, and promote a culture of continuous improvement in supervision within MAS.