Guidelines on Risk Management Practices – Board and Senior Management

Guidelines on the role that a financial institution's Board of Directors and senior management play in risk management.

Applies to: Full Bank (Locally Incorporated) , Full Bank (Branch) , Wholesale Bank (Branch) , Wholesale Bank (Locally Incorporated) , Finance Company , Merchant Bank (Locally Incorporated) , Merchant Bank (Branch) , Direct Insurer (Life) , Direct Insurer (General) , Direct Insurer (Composite) , Reinsurer (Life) , Reinsurer (General) , Reinsurer (Composite) , Captive Insurer , Lloyd's Asia Scheme , Financial Holding Company (Insurance) , Dealing in Capital Markets Products , Product Financing , Licensed Fund Management Company , Corporate Finance Advisory , REIT Management , Registered Fund Management Company , Credit Rating Agency , Securities Crowdfunding , Venture Capital Fund Management Company , Exempt Futures Broker , Exempt OTC Derivatives Broker , Providing Custodial Services , Exempt Corporate Finance Adviser Serving Accredited Investors , Approved CIS Trustee , Exempt Trust Company , Licensed Trust Company , Exempt Person Providing Trust Services , Markets and Exchanges , Clearing House , Benchmark Administrator/Submitter , Holding Company of Exchange or Clearing House , Central Securities Depository , Trade Repository , Credit/Charge Card Issuer , Major Payment Institution , Standard Payment Institution , Money-changing Licensee

View Document Guidelines on Risk Management Practices – Board and Senior Management (909.6 KB)

These guidelines apply to all financial institutions (FIs) in Singapore. They highlight the corporate governance roles of the FI’s Board of Directors and senior management in ensuring a sound risk management culture and environment.

The guidelines cover:

Board and senior management’s roles and responsibilities pertaining to risk management.
Risk culture and risk appetite.
Risk management systems and framework.
Reporting to MAS.

01 Jul 2021: Guidelines on Risk Management Practices - Board and Senior Management dated 1 March 2013 is revised.

Notices

Last Revised Date: 30 September 2022

Notice 126 Enterprise Risk Management (“ERM”) for Insurers

Enterprise risk management (ERM) requirements and guidelines for licensed insurers.

AML/CFT Credit Risk Liquidity Risk Market Risk Operational Risk Technology Risk Insurance Risk Fraud Risk Valuation and Capital Insurer-related Reports
Subsidiary Legislation

Published Date: 29 June 2022

Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Licensed Insurer Subsidiary) Regulations 2022

Corporate governance requirements for designated financial holding companies that has a subsidiary that is a licensed insurer incorporated, formed or established in Singapore (“DFHC (Licensed Insurer)), including the independence of directors, composition of the board of directors and board committees, and their responsibilities.

Corporate Governance Key Appointments Fit and Proper Criteria
Notices

Published Date: 29 June 2022

Notice FHC-N126 Enterprise Risk Management ("ERM")

Requirements and guidelines on enterprise risk management for designated financial holding companies that has a subsidiary that is a licensed insurer incorporated, formed or established in Singapore (“DFHC (Licensed Insurer”)).

AML/CFT Credit Risk Liquidity Risk Market Risk Operational Risk Technology Risk Insurance Risk Fraud Risk Valuation and Capital Insurer-related Reports
Subsidiary Legislation

Published Date: 29 June 2022

Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Bank Subsidiary) Regulations 2022

Requirements for designated financial holding companies with a subsidiary that is a bank incorporated in Singapore.

Corporate Governance Key Appointments Fit and Proper Criteria
Notices

Published Date: 29 June 2022

Notice FHC-N106 Appointment of Director, Chairperson, Member of Nominating Committee, and Key Executive Person

Requirements and guidelines on the appointment of director, chairperson and key executive person for designated financial holding companies that has a subsidiary that is a licensed insurer incorporated, formed or established in Singapore (“DFHC (Licensed Insurer”)).

Key Appointments Corporate Governance Fit and Proper Criteria Notifications
Circulars

Published Date: 09 November 2021

ID 18/21 Issuance of Revisions to the CG Guidelines

Informs locally incorporated insurers on the issuance of the revisions to the Guidelines on corporate governance for designated financial holding companies, banks, direct insurers, reinsurers, and captive insurers which are incorporated in Singapore ("CG Guidelines"), and MAS’ response to the feedback received following the consultation on the CG Guidelines.

Corporate Governance Fit and Proper Criteria
Consultations

Last Revised Date: 09 November 2021

Consultation Paper on Revisions to the Guidelines on Corporate Governance

This consultation paper sets out MAS’ proposed revisions to the Guidelines on Corporate Governance for Designated Financial Holding Companies, Banks, Direct Insurers, Reinsurers and Captive Insurers which are incorporated in Singapore. MAS is proposing these revisions taking into account international standards and industry good practices.

Corporate Governance Fit and Proper Criteria

Consultation number:

P004-2021

Start date:

07 May 2021

Closing date:

18 June 2021

MAS response date:

09 November 2021

Status:

Responded
Guidelines

Last Revised Date: 09 November 2021

Guidelines on Corporate Governance

Guidelines on corporate governance for financial institutions incorporated in Singapore.

Corporate Governance Fit and Proper Criteria
Circulars

Published Date: 24 September 2021

ID 14/21 Amendments to MAS Notice 106

Informs insurers of the amendments to MAS Notice 106

Key Appointments Licensing, Authorisation and Registration Corporate Governance Fit and Proper Criteria Notifications
Notices

Last Revised Date: 24 September 2021

MAS 106 Appointment of Director, Chairman, Member of Nominating Committee, and Key Executive Person for Insurers

Requirements and guidelines for licensed insurers on the appointment of director, chairman and key executive person.

Key Appointments Licensing, Authorisation and Registration Corporate Governance Fit and Proper Criteria Notifications
Notices

Last Revised Date: 29 June 2021

Notice 1011 Appointment of Chief Executives [Cancelled]

Requirements for all merchant banks on the appointment of chief executive and deputy chief executive.

Corporate Governance Fit and Proper Criteria
Circulars

Published Date: 10 May 2021

ID 09/21 Consultation on Revisions to the Guidelines on Corporate Governance

Informs locally incorporated insurers on the release of the consultation paper on the proposed revisions to the guidelines on corporate governance for designated financial holding companies, banks, direct insurers, reinsurers, and captive insurers which are incorporated in Singapore

Corporate Governance Fit and Proper Criteria
Notices

Last Revised Date: 03 June 2019

Notice 622A Appointment of Chief Executives of Branches of Banks Incorporated Outside Singapore [Cancelled]

Requirements for banks incorporated outside Singapore on the appointment of chief executive and deputy chief executive. This notice was cancelled with effect from 03 June 2019.

Fit and Proper Criteria Corporate Governance
Subsidiary Legislation

Published Date: 19 December 2018

Insurance (Corporate Governance) Regulations 2013

Sets out the corporate governance requirements applicable to all direct insurers and reinsurers incorporated in Singapore (except marine mutual insurers)

Key Appointments Corporate Governance Fit and Proper Criteria
Guidelines

Published Date: 19 July 2017

Guidance on Insurers' Own Risk and Solvency Assessments

Information paper outlining MAS' key observations from a review of the industry’s Own Risk and Solvency Assessment (ORSA) reports, with the aim of guiding insurers towards improving their respective ORSAs.

Credit Risk Liquidity Risk Fraud Risk Insurance Risk Market Risk Operational Risk Technology Risk Valuation and Capital Insurer-related Reports
Guidelines

Published Date: 01 November 2012

Guidelines on Risk Management Practices for Insurance Business - Insurance Fraud Risk

Guidelines on risk management practices to mitigate insurance fraud risk.

Guidelines on Risk Management Practices Fraud Risk

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Guidelines on Risk Management Practices – Board and Senior Management

Amendment Notes

​​Guidelines on Risk Management Practices – Board and Senior Management

Guidelines on Risk Management Practices – Board and Senior Management