https://asbaweb.net/en/bibl/aspects-related-to-prudential-management-and-direction/internal-controls?format=html Mon, 02 Jan 2017 19:27:15 +0000 en-GB hourly 1 https://asbaweb.net/en/bibl/aspects-related-to-prudential-management-and-direction/internal-controls/1422-measures-to-reduce-misconduct-risk-second-progress-report-1?format=html Measures to Reduce Misconduct In May 2015 the Financial Stability Board (FSB) agreed a work plan on measures to reduce misconduct risk, covering: (1) examining whether reforms to incentives, for instance to governance and compensation structures, are having sufficient effect on reducing misconduct; (2) examining whether steps are needed to improve global standards of conduct in the fixed income, commodities and currency (FICC) markets; and (3) coordinating reforms to other major financial threats. Collectively, these efforts are aimed at strengthening the resilience of the financial system by raising expectations for, as well as awareness of, good practice standards of behavior and conduct across markets and market participants. Therefore, this document presents a new wisdom of ethical conduct, compliant with the spirit of the corresponding applicable laws and regulations that is critical to foster public loyalty and confidence in the financial system.  

]]> https://asbaweb.net/en/bibl/aspects-related-to-prudential-management-and-direction/internal-controls/1422-measures-to-reduce-misconduct-risk-second-progress-report-1?format=html In May 2015 the Financial Stability Board (FSB) agreed a work plan on measures to reduce misconduct risk, covering: (1) examining whether reforms to incentives, for instance to governance and compensation structures, are having sufficient effect on reducing misconduct; (2) examining whether steps are needed to improve global standards of conduct in the fixed income, commodities and currency (FICC) markets; and (3) coordinating reforms to other major financial threats. Collectively, these efforts are aimed at strengthening the resilience of the financial system by raising expectations for, as well as awareness of, good practice standards of behavior and conduct across markets and market participants. Therefore, this document presents a new wisdom of ethical conduct, compliant with the spirit of the corresponding applicable laws and regulations that is critical to foster public loyalty and confidence in the financial system.  

]]> (Anonymous) III.3 Internal controls Mon, 02 Jan 2017 19:27:15 +0000 https://asbaweb.net/en/bibl/aspects-related-to-prudential-management-and-direction/internal-controls/618-compensation-principles-and-standards-assessment-methodology-2?format=html Compensation Principles and Standards Assessment Methodology This assessment methodology aims to guide supervisors in reviewing individual firms’ compensation practices and assessing their compliance with the FSB Principles for Sound Compensation Practices (“the Principles”) and their implementation standards (“the Standards”). The objective is to foster supervisory approaches that are effective in promoting sound compensation practices at significant financial firms and help support a level playing field.

]]> https://asbaweb.net/en/bibl/aspects-related-to-prudential-management-and-direction/internal-controls/618-compensation-principles-and-standards-assessment-methodology-2?format=html This assessment methodology aims to guide supervisors in reviewing individual firms’ compensation practices and assessing their compliance with the FSB Principles for Sound Compensation Practices (“the Principles”) and their implementation standards (“the Standards”). The objective is to foster supervisory approaches that are effective in promoting sound compensation practices at significant financial firms and help support a level playing field.

]]> (Anonymous) III.3 Internal controls Fri, 01 Jan 2010 15:46:44 +0000 https://asbaweb.net/en/bibl/aspects-related-to-prudential-management-and-direction/internal-controls/619-fsb-3?format=html Principles for Sound Compensation Practices - Implementation Standards Compensation at significant financial institutions is one factor among many that contributed to the financial crisis that began in 2007. Official action to address unsound compensation systems must therefore be embedded in the broader financial regulatory reform program, built around a substantially stronger and more resilient global capital and liquidity framework. Action in all major financial centres must be speedy, determined and coherent. Urgency is particularly important to prevent a return to the compensation practices that contributed to the crisis.

]]> https://asbaweb.net/en/bibl/aspects-related-to-prudential-management-and-direction/internal-controls/619-fsb-3?format=html Compensation at significant financial institutions is one factor among many that contributed to the financial crisis that began in 2007. Official action to address unsound compensation systems must therefore be embedded in the broader financial regulatory reform program, built around a substantially stronger and more resilient global capital and liquidity framework. Action in all major financial centres must be speedy, determined and coherent. Urgency is particularly important to prevent a return to the compensation practices that contributed to the crisis.

]]> (Anonymous) III.3 Internal controls Fri, 25 Sep 2009 03:48:34 +0000 https://asbaweb.net/en/bibl/aspects-related-to-prudential-management-and-direction/internal-controls/620-joint17-1?format=html High Level Principles for Business Continuity Business continuity is an ongoing priority for financial industry participants and financial authorities. Recent acts of terrorism in New York, London, Istanbul, Madrid and elsewhere, outbreaks of Severe Acute Respiratory Syndrome (SARS) and the Avian Flu, and various widespread natural disasters have served to heighten that priority by underlining the substantial risk of major operational disruptions to the financial system.

]]> https://asbaweb.net/en/bibl/aspects-related-to-prudential-management-and-direction/internal-controls/620-joint17-1?format=html Business continuity is an ongoing priority for financial industry participants and financial authorities. Recent acts of terrorism in New York, London, Istanbul, Madrid and elsewhere, outbreaks of Severe Acute Respiratory Syndrome (SARS) and the Avian Flu, and various widespread natural disasters have served to heighten that priority by underlining the substantial risk of major operational disruptions to the financial system.

]]> (Anonymous) III.3 Internal controls Mon, 31 Jul 2006 21:50:29 +0000 https://asbaweb.net/en/bibl/aspects-related-to-prudential-management-and-direction/internal-controls/617-bcbs110-1?format=html Consolidated KYC Management The adoption of effective know-your-customer (KYC) standards is an essential part of banks’ risk management practices. Banks with inadequate KYC risk management programmes may be subject to significant risks, especially legal and reputational risk. Sound KYC policies and procedures not only contribute to a bank’s overall safety and soundness, they also protect the integrity of the banking system by reducing the likelihood of banks becoming vehicles for money laundering, terrorist financing and other unlawful activities. Recent initiatives to reinforce actions against terrorism in particular have underlined the importance of banks’ ability to monitor their customers wherever they conduct business.

]]> https://asbaweb.net/en/bibl/aspects-related-to-prudential-management-and-direction/internal-controls/617-bcbs110-1?format=html The adoption of effective know-your-customer (KYC) standards is an essential part of banks’ risk management practices. Banks with inadequate KYC risk management programmes may be subject to significant risks, especially legal and reputational risk. Sound KYC policies and procedures not only contribute to a bank’s overall safety and soundness, they also protect the integrity of the banking system by reducing the likelihood of banks becoming vehicles for money laundering, terrorist financing and other unlawful activities. Recent initiatives to reinforce actions against terrorism in particular have underlined the importance of banks’ ability to monitor their customers wherever they conduct business.

]]> (Anonymous) III.3 Internal controls Fri, 01 Oct 2004 03:45:28 +0000 https://asbaweb.net/en/bibl/aspects-related-to-prudential-management-and-direction/internal-controls/616-bcbs85-1?format=html Customer Due Diligence for Banks Supervisors around the world are increasingly recognising the importance of ensuring that their banks have adequate controls and procedures in place so that they know the customers with whom they are dealing. Adequate due diligence on new and existing customers is a key part of these controls. Without this due diligence, banks can become subject to reputational, operational, legal and concentration risks, which can result in significant financial cost.

]]> https://asbaweb.net/en/bibl/aspects-related-to-prudential-management-and-direction/internal-controls/616-bcbs85-1?format=html Supervisors around the world are increasingly recognising the importance of ensuring that their banks have adequate controls and procedures in place so that they know the customers with whom they are dealing. Adequate due diligence on new and existing customers is a key part of these controls. Without this due diligence, banks can become subject to reputational, operational, legal and concentration risks, which can result in significant financial cost.

]]> (Anonymous) III.3 Internal controls Mon, 01 Oct 2001 03:41:43 +0000 https://asbaweb.net/en/bibl/aspects-related-to-prudential-management-and-direction/internal-controls/615-bcbs40-1?format=html Framework for Internal Control Systems As part of its on-going efforts to address bank supervisory issues and enhance supervision through guidance that encourages sound risk management practices, the Basle Committee on Banking Supervision1 is issuing this framework for the evaluation of internal control systems. A system of effective internal controls is a critical component of bank management and a foundation for the safe and sound operation of banking organisations. A system of strong internal controls can help to ensure that the goals and objectives of a banking organisation will be met, that the bank will achieve long-term profitability targets, and maintain reliable financial and managerial reporting. 

]]> https://asbaweb.net/en/bibl/aspects-related-to-prudential-management-and-direction/internal-controls/615-bcbs40-1?format=html As part of its on-going efforts to address bank supervisory issues and enhance supervision through guidance that encourages sound risk management practices, the Basle Committee on Banking Supervision1 is issuing this framework for the evaluation of internal control systems. A system of effective internal controls is a critical component of bank management and a foundation for the safe and sound operation of banking organisations. A system of strong internal controls can help to ensure that the goals and objectives of a banking organisation will be met, that the bank will achieve long-term profitability targets, and maintain reliable financial and managerial reporting. 

]]> (Anonymous) III.3 Internal controls Mon, 31 Aug 1998 21:34:08 +0000