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Compliance Risk Management in Banks: Macao Authority Issues New Guidelines

The Monetary Authority of Macao (AMCM) has taken significant steps to enhance regulatory compliance and security requirements in the financial technology sector, as part of its ongoing efforts to promote development while addressing emerging challenges.

Revised Guidelines for Improved Risk Management Practices

In 2023, the AMCM issued a series of revised guidelines aimed at improving risk management practices among authorized institutions. These include:

Guideline on Risk Management of Electronic Banking

Issued on June 26, 2023, this guideline sets forth key principles and provides guidance for authorized institutions to identify, assess, and manage risks associated with electronic banking from a technology and operations perspective.

• Key highlights:
  • Identifying and assessing risks associated with electronic banking
  • Implementing measures to mitigate and manage such risks
  • Ensuring compliance with regulatory requirements

Guideline on Technology and Cyber Risk Management

Released on December 11, 2023, this revised guideline replaces the previous Guideline on Cyber Resilience and includes requirements related to the management of emerging technologies and information technology development and operations.

• Key highlights:
  • Managing risks associated with emerging technologies
  • Ensuring cybersecurity measures are in place
  • Implementing incident response plans

Guideline on Outsourcing

Issued on December 28, 2023, this guideline outlines the AMCM’s supervisory approach to outsourcing arrangements by authorized institutions and major prudential issues to be considered when entering such arrangements.

• Key highlights:
  • Identifying risks associated with outsourcing
  • Implementing measures to mitigate such risks
  • Ensuring compliance with regulatory requirements

Industry Guidance on Cloud Outsourcing Controls

Also released on December 28, 2023, this industry guidance outlines the AMCM’s requirements on cloud outsourcing arrangements and major prudential issues to be considered when entering such arrangements.

• Key highlights:
  • Identifying risks associated with cloud outsourcing
  • Implementing measures to mitigate such risks
  • Ensuring compliance with regulatory requirements

Implementation Timeline

Authorized institutions are required to conduct a gap analysis of their existing control points to identify any gaps or non-compliance issues. Remediation measures must be completed within 12 months after the new guidelines come into effect.

Enhanced Security Measures

The revised guidelines aim to enhance security measures for financial products and services provided through internet banking, self-service terminals, and phone banking channels, as well as establish a fraud monitoring mechanism to mitigate and reduce the risk of fraud.

Assistance with Implementation

To help institutions meet their compliance obligations, Deloitte is available to provide assistance and guidance on implementing the revised guidelines.