21 Jan '11, 9am

DTN Singapore: Dedicated Risk Management committee compulsory for all local banks, insurers: SINGAPORE: The Mone...

DTN Singapore: Dedicated Risk Management committee compulsory for all local banks, insurers: SINGAPORE: The Mone...

SINGAPORE: The Monetary Authority of Singapore (MAS) will soon make it compulsory for all local banks and significant insurers to have a dedicated Risk Management Committee. MAS added that members of this Committee must have the appropriate balance of skills and expertise to discharge their responsibilities. MAS Managing Director Heng Swee Keat announced this at the opening of French business school EDHEC's Risk Institute Asian centre in Singapore on Friday. Mr Heng said MAS will introduce the mandate following the Annual General Meetings of these institutions this year. He added that MAS will also be requiring compulsory training for all members of the Boards of local banks. At the management level, MAS expects risk management units to be sufficiently empowered and adequately plugged in to the risk-taking activities of the firm. Mr Heng said investors and financial instit...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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