Philippines: Developing a Regulatory and Supervisory Framework for Operational Resilience
High-Level Summary Technical Assistance Reports, May 12, 2023
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- Philippines: Developing a Regulatory and Supervisory Framework for Operational Resilience
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Bibliographic details
- Authors: Rangachary Ravikumar, Paul Williams
- Published: May 12, 2023
- Series: High-Level Summary Technical Assistance Reports
- DOI: https://doi.org/10.5089/9798400242168.029
Overview
- High-level summary of Technical Assistance provided in response to a request from the Bangko Sentral ng Pilipinas (BSP) to develop a regulatory and supervisory framework for operational resilience.
- The mission aided authorities in identifying regulatory gaps, provided guidance for enhancing the regulatory framework, and delivered a training program focused on regulatory aspects of operational resilience.
- The recommendations emphasize articulating the case for the policy initiative, developing regulation in consultation with industry, and considering potential severe but plausible scenarios.
Mission activities
- Identified regulatory gaps across existing regulations through engagement with the authorities.
- Provided guidance on enhancing the regulatory framework for operational resilience.
- Delivered a training program concentrating on regulatory aspects pertaining to operational resilience.
Key findings
- Regulatory gaps were identified in the following areas from an operational resilience perspective:
- Corporate governance
- Information and communication technology/cyber risk
- Outsourcing
- Business continuity management
- Operational risk management
- Feedback and inputs from stakeholders informed the identification of these gaps.
Recommendations
- Articulate the case for the policy initiative clearly to relevant stakeholders.
- Develop a regulation in consultation with the industry to ensure practical and effective requirements.
- Consider potential severe but plausible scenarios when designing regulatory and supervisory expectations.
- Identify and address regulatory gaps in existing regulations on:
- Corporate governance
- Information and communication technology/cyber risk
- Outsourcing
- Business continuity management
- Operational risk management
Source: Philippines: Developing a Regulatory and Supervisory Framework for Operational Resilience (High-Level Summary Technical Assistance Report).
Content in this bundle
- PHILIPPINES - Developing a Regulatory and Supervisory Framework for Operational Resilience