It has been a year since the Monetary Authority of Singapore (MAS) finalized Singapore’s own equivalent to the United Kingdom’s Senior Managers and Certification Regime (SMCR), Hong Kong’s Managers-in-Charge Regime (MIC), and Australia’s Banking Executive Accountability Regime (BEAR) with the aptly titled Guidelines on Individual Accountability and Conduct (IAC). Across the board, individual accountability regimes are mostly centered on the definition of Senior Managers and their prescribed responsibilities.
In light of the suggestive approach in Tricor Axcelasia’s article “Individual Accountability and Conduct (IAC) – It Is Here, Are Companies Ready for the Change”, the direction of the MAS and what is required for companies in Singapore is clear: financial institutions must begin to foster a culture of accountability either through balanced incentive plans, strong governance and controls, appropriate monitoring, reporting and escalation processes to avoid another major fallout in the economy at large.
To learn more, please download our article and book a meeting with Ms Eva Loong, Director of Group Commercial, ASEAN, at eva.loong@sg.tricorglobal.com or Ms Ong Su Faye Associate Director, at su.faye.ong@sg.tricorglobal.com.