In the past few years, we have been operating in a riskier environment. To stay ahead of the challenges, MAS has been strengthening our institut
ional framework by having a more strategic and holistic oversight and management of risks. This will enable us to mitigate and respond swiftly to various risks that we face, as well as to events that may affect the financial sector.
Several initiatives to refine and enhance the management of enterprise-wide risks were introduced, including inculcating a strong risk culture within the organisation. The current anti-fraud policy has been extended to cover other forms of improper conduct, and to maintain the high ethical standards and professional conduct expected of staff, MAS has communicated to all staff a zero tolerance towards fraud. MAS has also streamlined the escalation procedures for exceptional incidents such as operational risk events, to provide a clear, systematic and consistent process to address any exceptions.
As risk management is constantly evolving, it is important to scan the environment and identify the key risks annually. As it is also a matter that concerns everyone, a risk management session was held during the Leadership Community Retreat, which involves all middle and senior management staff, to assess the current key risks that threaten MAS’ achievement of its vision, mission, objectives and business outcomes. Over the course of the following year, mitigating measures will be developed to address the identified risks.