risk management process. These would effectively identify, measure, monitor and control banks’ technology risk exposure. To ensure healthy competition and promote growth, we have also liberalized certain aspects of banking. We have lifted the moratorium on bank branching. We have opened up outsourcing  BIS Review 6/2006  1  possibilities and allowed an increasingly wide array of treasury, consumer and wealth management products.
Many more meaningful changes in the banking industry can be expected this year and in the coming years as we further move to fully adopt international best practices. For instance, you will be seeing more binding standards on connected party transactions come into force after a 2-year transition period.