## Philippines: Developing a Regulatory and Supervisory Framework for Operational Resilience

_High-Level Summary Technical Assistance Reports, May 12, 2023_

## Source details

**Canonical URL:** [Philippines: Developing a Regulatory and Supervisory Framework for Operational Resilience](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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## 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

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### 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).*

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## Content in this bundle

- **PHILIPPINES - Developing a Regulatory and Supervisory Framework for Operational Resilience**
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_Source: 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_