{
  "title": "Philippines: Developing a Regulatory and Supervisory Framework for Operational Resilience",
  "publication": "High-Level Summary Technical Assistance Reports, May 12, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/high-level-summary-technical-assistance-reports/issues/2023/05/12/philippines-developing-a-regulatory-and-supervisory-framework-for-operational-resilience-533294",
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  "summary": "This paper discusses Philippines’ Summary Technical Assistance Report series that provides high-level summaries of the assistance provided to IMF capacity development recipients, describing the high-level objectives, findings, and recommendations.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- 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.\n- 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.\n- The recommendations emphasize articulating the case for the policy initiative, developing regulation in consultation with industry, and considering potential severe but plausible scenarios."
    },
    {
      "heading": "Mission activities",
      "content": "- Identified regulatory gaps across existing regulations through engagement with the authorities.\n- Provided guidance on enhancing the regulatory framework for operational resilience.\n- Delivered a training program concentrating on regulatory aspects pertaining to operational resilience."
    },
    {
      "heading": "Key findings",
      "content": "- Regulatory gaps were identified in the following areas from an operational resilience perspective:\n  - Corporate governance\n  - Information and communication technology/cyber risk\n  - Outsourcing\n  - Business continuity management\n  - Operational risk management\n- Feedback and inputs from stakeholders informed the identification of these gaps."
    },
    {
      "heading": "Recommendations",
      "content": "- Articulate the case for the policy initiative clearly to relevant stakeholders.\n- Develop a regulation in consultation with the industry to ensure practical and effective requirements.\n- Consider potential severe but plausible scenarios when designing regulatory and supervisory expectations.\n- Identify and address regulatory gaps in existing regulations on:\n  - Corporate governance\n  - Information and communication technology/cyber risk\n  - Outsourcing\n  - Business continuity management\n  - Operational risk management\n\nSource: Philippines: Developing a Regulatory and Supervisory Framework for Operational Resilience (High-Level Summary Technical Assistance Report).\n\n---\n\n Content in this bundle\n\n- PHILIPPINES - Developing a Regulatory and Supervisory Framework for Operational Resilience\n  - PHILIPPINES - Developing a Regulatory and Supervisory Framework for Operational Resilience (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - PHILIPPINES - Developing a Regulatory and Supervisory Framework for Operational Resilience (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/high-level-summary-technical-assistance-reports/issues/2023/05/12/philippines-developing-a-regulatory-and-supervisory-framework-for-operational-resilience-533294"
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    "Authors: Rangachary Ravikumar, Paul Williams",
    "Published: May 12, 2023",
    "Series: High-Level Summary Technical Assistance Reports",
    "DOI: https://doi.org/10.5089/9798400242168.029",
    "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.",
    "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.",
    "Regulatory gaps were identified in the following areas from an operational resilience perspective:",
    "Feedback and inputs from stakeholders informed the identification of these gaps.",
    "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:",
    "**PHILIPPINES - Developing a Regulatory and Supervisory Framework for Operational Resilience**"
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