Philippines: Developing a Regulatory and Supervisory Framework for Operational Resilience

May 12, 2023

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Format: Chicago

Rangachary Ravikumar, and Paul Williams. Philippines: Developing a Regulatory and Supervisory Framework for Operational Resilience, (USA: International Monetary Fund, 2023) accessed December 21, 2024

Summary

This paper discusses Philippines’ Summary Technical Assistance Report series that provides high-level summaries of the assistance provided to IMF capacity development recipients, describing the high-level objectives, findings, and recommendations. Responding to a request from the Bangko Sentral ng Pilipinas (BSP) for developing a regulatory and supervisory framework for operational resilience, a Technical Assistance mission aided the authorities in identifying regulatory gaps, provided guidance in enhancing the regulatory framework and delivered a training program focusing on regulatory aspects pertaining to operational resilience. The recommendations focused on articulating the case for policy initiative, developing a regulation in consultation with the industry, considering potential severe but plausible scenarios. The report recommends identifying and addressing regulatory gaps in existing regulations on corporate governance, information and communication technology/cyber risk, outsourcing, business continuity management, and operational risk management from an operational resilience perspective based on the feedback and the inputs provided.

Subject: International organization, Monetary policy

Keywords: Business Continuity, Operational Resilience, Operational Risk Management

Publication Details

Pages:

3
Volume:

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DOI:

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Issue:

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Series:

High Level Summary Technical Assistance Report No. 2023/004
Stock No:

HLSEA2023004
ISBN:

9798400242168
ISSN:

2959-4103

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High-Level Summary Technical Assistance Reports