MANILA, Philippines—Philippine banks will soon be required to guard against risks to their reputation and immediately report adverse events—like operational disruptions, liquidity problems, cyber hackings or even problems that explode on social media—that could lead to wider systemic problems in the local financial system.
The new rules were mandated recently by the Bangko Sentral ng Pilipinas (BSP) after its policy making Monetary Board approved guidelines on the expectations for supervised financial institutions.
The guidelines cover the identification, assessment, and management of reputational risks commensurate to their size, nature, operational complexity, overall risk …
Keep on reading: BSP to require ‘reputational risk’ reports from banks