On Thursday, the World Forum of Banking regulators tightened its rule book to better focus on identifying the risks posed by climate change, the rise of non-banks and the digitization of finance.
The Basel Committee on Banking Supervision (Basel Committee on Banking Supervision) proposed last year to revise its core principles for the first time since 2012. The committee is made up of bank regulators and central bank governors from the Group of 20 and other countries.
Global institutions such as the International Monetary Fund (IMF) examine a country's compliance with these principles when assessing its financial sector.
The committee said in a statementHeyspincasino"the revised standards reflect changes in promoting operational flexibility, strengthening corporate governance and risk management practices, and responding to emerging risks, including financial digitization and climate-related financial risks."
Following the collapse of banks in the United States and Switzerland last year, the new standard emphasizes the responsibility of bank boards to ensure the sustainability of their business.
It has also introduced a new definition of climate-related financial risks to increase attention to these risks.
The committee said it would issue a public consultation next week on new guidelines for banks to manage customer and other counterparty risks to "reflect lessons learned from the recent woes of non-bank financial intermediaries".
Regulators are closely watching the financing of companies by the fast-growing non-bank sector, including private equity, insurance companies and investment funds, and are demanding better risk data and their links to banks.
Earlier this week, the Bank of England (Bank of England) told banks that they needed to better aggregate data on their exposure to private equity.
Basel said its new core standards referred to the summary of relevant exposures again.
"regulators have determined that banks' information systems should timely identify and aggregate exposures that result in risk concentration, as well as large exposures to individual counterparties or related counterparty groups," the standard said. and promote the proactive management of such exposures. "
The committee will also release a report on the digitisation of finance in May and what it might mean for regulation.