Guidelines on Risk Management Practices – Internal Controls
Internal controls are the policies, procedures and processes to ensure the safe and sound management of financial institutions (FIs). These guidelines provide FIs with guidance on sound and prudent internal controls.
The guidelines cover:
- The control environment which sets the tone for the control culture of an institution and influences the control consciousness of its staff.
- Business process controls for specific areas or activities within an FI.
Enterprise risk management (ERM) requirements and guidelines for licensed insurers.
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”)).
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.
- Consultation number:
- Start date:
- 07 May 2021
- Closing date:
- 18 June 2021
- MAS response date:
- 09 November 2021
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.
Guidelines on risk management practices to mitigate insurance fraud risk.