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Implementing the Monetary Authority of Singapore’s Guidelines on Individual Accountability and Conduct – our online tool

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Kwok Shuhui
Shuhui Kwok

Partner

Singapore

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Ang Yu Jia
Yu Jia Ang

Senior Associate

Singapore

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03 December 2020

Financial institutions don’t have long to work towards compliance with the new Monetary Authority of Singapore (MAS) Guidelines on Individual Accountability and Conduct. Non-compliance with the Guidelines may potentially have far-reaching implications on financial institutions' operations in Singapore with regard to senior management, material risk personnel, governance and conduct frameworks. The MAS has made it clear that it will take into account whether financial institutions have met the desired outcomes in the Guidelines, and supervisory action may be taken against those who do not.

Our online implementation tool can help you fulfil your obligations

We have created an easy-to-use online tool which is designed to assist MAS regulated financial institutions to implement the Guidelines on Individual Accountability and Conduct in a way which meets not only the MAS’ requirements, but also the high standards of market practice which have been informed by our extensive experience of advising financial institutions in Singapore and internationally.

Subscribers to our online tool will be able to:

  • design an implementation plan with ease, using template project plans and project management tips; 
  • access a range of template documents that will assist in your implementation of the Guidelines; and
  • receive insights and guidance from our financial services regulatory specialists on key implementation issues, drawing on our extensive global and domestic experience.

How to access the tool

To find out more about our online tool and subscription pricing please get in touch.

Bespoke advice for financial institutions

The Guidelines are consonant with regimes already in place in the UK, Hong Kong and Australia. For financial institutions who may have not previously been involved in projects of this nature and scale, we can provide the necessary bespoke advice to assess whether the Guidelines apply to your organisation, including how to best:

  • assemble a project team which spans across the relevant functions, including business functions, HR, legal, compliance and risk; 
  • steer an early and proactive senior manager or material risk personnel engagement process;
  • leverage off existing internal governance arrangements or those prepared for compliance with SMCR in the UK, MIC in Hong Kong and BEAR in Australia;
  • develop an appropriate infrastructure to monitor compliance with the Guidelines and the implementation programme put in place;
  • navigate time management to allow for testing of the system and controls, and
  • develop bespoke training options tailored to the roles and responsibilities of employees.

We are pleased to offer bespoke advice in relation to the application and implementation of the Guidelines on Individual Accountability and Conduct. If you would like to discuss how we could help you in relation to your implementation project, please contact IACSingapore_Enquiries@allenovery.com.

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