Singapore presses ahead with new ERM framework for insurers
Regulator soothes industry concerns over tight compliance deadlines
The Monetary Authority of Singapore (MAS) is pressing ahead with the development of new enterprise risk management (ERM) requirements for the domestic insurance industry, despite industry concerns that the proposed implementation timetable is too tight.
The ERM framework is intended to improve insurers' understanding of their risk profile and encourage management to enact robust risk management policies to match long-term business goals and capital resources.
Following a consultation exercise by
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