|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.