Universal and commercial banks (UBs/KBs) have been ordered to create separate bodies and appoint officers to oversee risk management in accordance with amended governance rules, the Bangko Sentral ng Pilipinas (BSP) said.
It said that BSP-supervised financial institutions (BSFIs) need to create a separate risk management function that will primarily assist management in meeting their responsibility to understand and manage risk and ensure the development and consistent implementation of risk policies, processes, and procedures.
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