Update on the thematic review of risk management practices related to data risks of licensed corporations by the SFC
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SFC update on review of risk management practices
Sound risk management is always essential to sustaining the resilience of licensed corporations (“LCs”) amid market uncertainty and volatility.
In March 2023, the Securities and Futures Commission (“SFC”) issued a report on the theme review including the assessment on data risk management practices adopted by 48 LCs. The SFC report summarised the industry practices in risk governance, oversight and management in the respective risk areas covered, together with examples of good practices and areas for improvement observed from the thematic review and other supervisory activities. The SFC’s expected standards for LCs to mitigate these specific risks are also set out in the report.
In March 2023, the Securities and Futures Commission (“SFC”) issued a report on the theme review including the assessment on data risk management practices adopted by 48 LCs. The SFC report summarised the industry practices in risk governance, oversight and management in the respective risk areas covered, together with examples of good practices and areas for improvement observed from the thematic review and other supervisory activities. The SFC’s expected standards for LCs to mitigate these specific risks are also set out in the report.
Mazars offers financial consulting services to assist businesses in complying with the regulatory standards and requirements in enhancing data risk management.
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