Prior to this, risk management regulations were largely confined to basic credit risk management and to internal control issues. In 1997, the thrust of bank supervision started to shift its focus towards a more forward-looking view of risk management and whether a bank has the infrastructure to manage its own risks, instead of just mainly performing financial audit and compliance review.
We will also continue to be solely responsible for conduct supervision. Enforcing proper behaviour will continue to be a key focus for us at the central Bank, in particular the adherence to our Code of Conduct on mortgage arrears.