RISK GOVERNANCE GUIDELINE FORMALISES THE ERM FRAMEWORK IN MALAYSIA
In March 2013, Bank Negara Malaysia (BNM) issued guidelines on Risk Governance (RG). The guideline is the final piece of the jigsaw in bringing together the other guidelines on risks into a complete and cohesive risk management framework. This article highlights some of the key principles underlying the RG guidelines, one of which is the creation of a Chief Risk Officer (CRO) role, or its equivalent. In addition, an ERM guideline for insurers was also issued in April this year by the Singapore regulator. Read on to find out what other key issues are there in the RG guideline and what are the key similarities and differences between the Malaysia and Singapore guidelines.
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