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