The Monetary Authority of Singapore (“MAS”) recently updated its guidelines focusing on five high-level outcomes that financial institutions should achieve on individual accountability and conduct. The guidelines wants financial institutions to promote ethical behaviour, responsible risk-taking, accountability of senior managers and reinforcement of good conduct among staff and business.
Understanding the new the MAS guidelines is primordial for firms and senior managers to ensure accountability, improve ethical standards and governance to better protect consumers.
MCO has partnered with Thomson Reuters to bring you a webinar that covers the new MAS conduct guidelines. Thomson Reuters experts and our Asia-Pacific director, Kelly-Ann McHugh will discuss how the MAS intends to ensure that senior executives are following the rules and if these firms' culture are reflecting high ethical standards. In addition, our speakers will give consideration to what firms need to take into account, as well as comparisons with other accountability regimes and whether they have been implemented effectively.
Background
The MAS has issued guidelines to strengthen the accountability of senior managers in financial institutions and to promote ethical behaviour. The new guidelines emphasise individual accountability and conduct and require organisations to put in place procedures and promote individual accountability amongst senior managers with the intention to strengthen oversight in relation to risks and reinforce standards of honesty and integrity amongst all employees.
The guidelines emphasise that boards and senior managers are accountable for failures and must set down expected standards of conduct for their employees and the organisation. Moreover, boards and senior managers must ensure that the desired culture and standards of conduct are embedded throughout the organisation and all threats and risks to a financial institution are thought through and clearly addressed.
Takeaways
The MAS have been focusing on culture and conduct for some time to ensure that there are ethical practises in place that ensure customers’ interests are protected and there is fair treatment and ultimate accountability and appropriate governance in the financial industry. Most importantly, the regulator wants to ensure there is prudent risk-taking behaviour and robust risk management procedures to support financial institution’s soundness.
The agenda includes:
- What firm and senior managers should be considering to comply with the new guidelines
- What can senior managers do about reducing their liability?
- Comparison of accountability regimes in Europe and Asia
- Real cases of compliance breaches by senior managers and employees
- and more...
Q&A Session at the end with Kelly-Ann McHugh, Nathan Lynch and Niall Coburn.
Watch On-demand now!
