MAS Manager Accountability

• Guidelines would be applicable to senior managers, within financial institutions.
• Objective to strengthen individual accountability and raise standard of conduct.

Supervisory Expectations

• Expectations of boards, senior management re individual conduct and behavior.
• Institution responsible to promote individual accountability of senior managers.
• Responsibilities to strengthen oversight of employees in material risk functions.
• Framework, policies, to embed standard of proper conduct among all employee.
• Provide flexibility to decide most appropriate ways to achieve desired outcome.
• Will monitor implementation progress through regular supervisory engagement.

Accountability

• Identify senior managers who are responsible for core management functions.
• Clearly specify their individual accountabilities, ensure fit and proper for roles.
• Hold them responsible for actions of staff, and conduct of business in purview.
• Management structure and reporting relationships to be clear and transparent.
• Identify employees with authority of activities that impact safety or soundness.
• Embed Conduct Standards
• Have a framework to promote and sustain desired conduct among employees.
• Articulate conduct standards expected of employees and communicate in firm.
• Adopt policies for regular monitoring and reporting of conduct issues to board,
• Ensure incentive systems and feedback channels, e.g. whistleblowing, in place

Effectiveness

• Provide firms with operational flexibility to determine ways to achieve outcome.
• MAS will monitor firm progress in implementing guidelines by its engagements.
• Consultation period for responses until May 25, 2018.