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Philippines: Developing a Regulatory and Supervisory Framework for Operational Resilience
Author:
Rangachary Ravikumar
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Christopher Wilson
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Series:
High-Level Summary Technical Assistance Reports
Volume/Issue:
Volume 2025: Issue 018
Language:
English
Publication Date:
13 May 2025
DOI:
https://doi.org/10.5089/9798229011402.029
ISBN:
9798229011402
ISSN:
2959-4103
Pages:
3
Keywords:
Cybersecurity; ICT risks; Operational Risk; Operational Resilience; draft regulation; risk rating methodology; summary of recommendation; capacity development recipient; senior management well; Basel Core Principles; Cyber risk
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Monetary and Capital Markets (MCM) department delivered a hybrid technical assistance (TA) mission to assist the Bangko Sentral ng Pilipinas (BSP) in developing a supervisory framework for operational resilience. An earlier mission in 2022 assisted BSP to develop a regulatory framework for operational resilience. The virtual mission focused on taking stock of developments since the regulation was developed. The in-person mission developed concepts and thinking on operational resilience supervisory framework and imparted training to supervisors. The mission is supported by senior management well. Recommendations included reflecting Basel Core Principle 25 (BCP25) in the draft regulation, developing internal guidance for supervisors, adjusting risk rating methodology and leveraging the experience of the working group.
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Cover High-Level Summary Technical Assistance Reports
High-Level Summary Technical Assistance Reports
ISSN:
2957-658X
Publisher:
International Monetary Fund