We look at whether banks are fully integrating the policies, processes, controls, systems and procedures set out in their RAF into their decision-making processes and their risk management. We also assess whether their RAF is aligned with their business plans, strategies, capital planning and remuneration schemes. Easier said than done, as I’m sure you know. We do not look at banks in isolation.
Taken in entirety, the BSP believes that these initiatives are instrumental in accelerating financial inclusion, and ensuring products and services that are affordable and accessible to key sectors for growth. To reinforce our policies, the BSP engages stakeholders within and beyond the industry.