MANILA, Philippines—New guidelines that unify bank practices on reputation risks, caused by irregularities ranging from computer hacking to fraud by rogue employees, are ultimately aimed at making the Philippine financial system more resilient to shocks, according to the country’s central bank.
At an online press briefing, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said there was a need to protect the trust of stakeholders in the financial system and formal guidelines to govern what are currently largely left to the discretion of individual institutions will help.
“The guidelines emphasize the importance of having a clear understanding of vario…
Keep on reading: BSP: New rules on ‘reputational risks’ seek to buttress PH financial system