Apart from the ongoing minor issues that the BPNG has with the Boards and management of the regulated institutions which can be corrected in the normal course of business, the notable issues that require supervisory action have been addressed in the strictest manner, consistent with the prudential standards to mitigate any risk on the financial system.
Governance risk The Board and senior management of the supervised banks are expected to promote and demonstrate an organisational culture that expects integrity from all employees in conducting the institution’s business and a sound and prudent approach to risk identification and management. The Board has primary responsibility for the management of risks faced by the institution.