Since then, MAS has been actively refining the regulatory framework and approach. We are currently undertaking a comprehensive review to enhance the risk-based capital framework, taking into account evolving international standards and market developments. In particular, we are seeking to improve the comprehensiveness of the risk coverage and the risk sensitivity of the framework. Conclusion Let me conclude. The operating environment – be it for individuals or enterprises – is becoming more complex and uncertain. Managing risk has become an increasingly important part of our existence, and doing it well has become a key determinant of success. Insurance – at its core – is about managing risk. You are in an industry that serves a larger public purpose. You are also in an industry that has great promise. Asia offers tremendous opportunity for the insurance industry. As the leading insurance and reinsurance hub in Asia, Singapore is well-equipped to serve the growing needs of the region. But to become a global marketplace for insurance, we have to continually reinvent ourselves. The industry’s support and partnership are critical to the achievement of this vision. Let us work together to build a truly global insurance marketplace in Singapore. Thank you. 6  BIS central bankers’ speeches
This is a substantial project that will take about a year to complete. In the meantime, we shall be issuing new and revised supervisory guidelines in the new format as they come off the production line. Conclusions To sum up, our reform package is not intended to be revolutionary. The Hong Kong banking system is already well-managed and competitive. But even good players need to improve their game as conditions become tougher. The main responsibility for doing this in the Hong Kong banking context will rest with the banks themselves. We in the HKMA are trying to do our bit by removing possible barriers to change in a cautious manner, and by making sure that our supervisory approach remains appropriate to the changing market environment. 5  BIS Review 69/2000