The Monetary Authority of Singapore has been a leader in emphasizing the importance of culture and, during 2018, took additional steps to solidify that role. Senior MAS officials continued to publicly discuss their views of culture, how it impacts risk management, and how technology can be impactful. MAS also proposed guidance for individual accountability, joining similar initiatives in the UK, Australia, and Hong Kong.
Early in 2018, Deputy Managing Director of Financial Supervision Ong Chong Tee gave a speech called “The Path Ahead.” He informed his audience that “MAS will be stepping up our supervisory reviews on various aspects of risk governance and culture in financial institutions” and noted that the regulator had recently conducted a culture and conduct survey.1 In the same speech, Ong Chong Tee mentioned RegTech and the increasing use of “advanced technology systems and algorithms to enhance risk management and regulatory compliance.”2
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