Amid recent cyber security concerns plaguing banking clients, the Bangko Sentral ng Pilipinas is issuing a circular providing new guidelines on reporting standards that banks should observe.
The circular, which is still unnumbered, will take effect on Jan. 1, 2018.
Under the new guidelines, banks are expected to ensure that reports submitted to the BSP are complete, accurate, consistent, reliable and timely.
“This should be done independent of any validation process that the BSP may conduct prior to accepting a report as compliant with the standards,” the BSP said. “As such, an effective governance process over the bank’s reporting system must be established by the bank’s board of directors.”
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The regulator was referring to written policies and procedures as well as defined processes for periodic review, enhancements and reporting to the bank’s board and senior management.
“This should be supported by a management information system and technology infrastructure that is commensurate to the bank’s level of activity and complexity,” the BSP said.
