Operational resilience regulatory framework for financial services providers regulated by the HKMA and the SFC
Operational and security incidents in the financial services industry are on the rise globally. This is why becoming operationally resilient and to understand the existing vulnerabilities and mitigate the corresponding risks and impacts are more vital than ever.
In this regard, the Hong Kong Monetary Authority issued a consultation of its Supervisory Policy Manual on Operational Resilience to the banking industry on 22 December 2021, which required banks to identify their important business services, set impact tolerances and carry out mapping and testing ahead of the enforcement. There was also a set of operational resilience standards introduced by the Securities and Futures Commission in October 2021 expecting licensed corporations to comply with.
This publication outlines the key regulatory framework and requirements concerning the financial institutions in Hong Kong. Mazars in Hong Kong offers a wide range of financial advisory services to assist you in achieving compliance with the rules and regulations relevant to you.
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