The Hong Kong regulator Hong Kong Monetary Authority (HKMA) recently released the latest issue of the RegTech Adoption Practice Guide series.
The focus of this third issue in the series is “Governance, Risk and Compliance”.
Here is an excerpt of the guide outline:
“
- Explain how Regtech solutions can be used to support GRC
• Outline the key challenges that Hong Kong-based banks are currently facing in relation to GRC
• Illustrate the benefits of leveraging Regtech solutions to manage GRC
• Describe key risks/considerations when adopting GRC solutions - Provide practical implementation guidance to banks on the adoption of GRC Regtech solutions
• Outline the key components of GRC Regtech implementation, including the types and methods of GRC Regtech solution implementation
• Provide insights on what others have done to achieve successful Regtech adoption - Share use cases on the adoption of Regtech solutions to manage GRC
• Describe the GRC challenges faced by a bank and how the Regtech solution helped to resolve these challenges
• Outline the key learnings from successful GRC Regtech implementation, from both the bank and the Regtech provider’s perspectives.
“
And here is a link to the original pdf : https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2021/20210927e1a1.pdf
For those who wish to refer to the issue#1 and issue#2 of this series, here are the respective links:
Issue #1: Cloud-based Regtech solutions https://www.hkma.gov.hk/media/eng/doc/key-information/press-release/2021/20210617e5a1.pdf
Issue #2: Anti-Money Laundering/Counter-Financing of Terrorism https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2021/20210726e1a1.pdf
