MAS Manager Accountability

On Apr. 26, MAS proposed rule on senior 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.


  • 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


  • 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.