The guidelines promote the accountability of senior managers, strengthen oversight over material risk personnel, and reinforce conduct standards among employees.
The «Guidelines on Individual Accountability and Conduct,» published by the Monetary Authority of Singapore (MAS) on Thursday, aim to assist FIs by providing a framework and best practices for strengthening accountability and standards of conduct.
Apart from five outcomes for financial institutions (FIs) to achieve, there is specific guidance for FIs with over 50 headcount to adopt.
FIs should use the guidelines and the guidance in the information paper to develop and entrench a strong culture of responsibility and ethical behavior within their organizations, MAS said.
Strengthening Culture and Conduct of FIs
«Financial institutions are responsible for protecting the interest of customers and preserving the integrity of the markets that we operate in. Such responsibilities must be clearly understood and communicated across the organization, starting with the senior management,» Chan Kok Seong, group chief risk officer, UOB, said.
MAS said it will continue to engage FIs, their boards, senior management and other employees on the adequacy and effectiveness of their culture and conduct practices through its ongoing supervision.
