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Panel Discussion on MAS Individual Accountability and Conduct Guidelines

The Monetary Authority of Singapore issued its Guidelines on Individual Accountability and Conduct (IAC Guidelines) on 10 September 2020, as part of their push to embed a strong culture of responsibility and ethical behaviour in financial institutions (FIs). The IAC Guidelines presents an outcome-based approach to facilitate implementation proportionate to the context of specific FIs. This will be effective 10 September 2021, giving FIs a one- year transitional period to implement the IAC Guidelines.

The five specific outcomes are focused on the measures FIs should put in place to promote the individual accountability of senior managers, strengthen oversight over material risk personnel, and reinforce standards of proper conduct among all employees.

Over 280 participants from IIA Singapore and ACCA Singapore attended the panel discussion held on 8 July 2021. Moderated by Andrew Bronshtein (Director, Risk Assurance, PwC Singapore), the panellists comprising Chionh Chye Kit (CEO & Co-Founder, Cynopsis Solutions), Goh Chin Yee (Executive Vice President, Head Group Audit, OCBC Bank and Vice President of IIA Singapore), Nizam Ismail (CEO & Co-Founder, Ethikom Consultancy) and Helen Li (President, IIA Hong Kong) engaged in robust discussions centred around the implications, strategies, challenges and practical considerations of implementation for FIs of varying nature and scale, including lessons from other jurisdictions with similar regimes. We hope that our participants have gained insightful perspectives on what will be required to comply with the IAC Guidelines and promote a culture of ethical behaviour.

This panel discussion is the second of the 4-part Governance, Risk and Compliance lunchtime webinar series organised in partnership with ACCA Singapore.