Taiwan's Financial Supervisory Commission (FSC) recently announced plans to introduce an individual accountability regime to the financial industry, as reported by Regulation Asia. This is a part of the FSC's efforts to cultivate a culture of integrity, establish a corporate governance regime based on responsibility, and improve accountability for senior executives in the banking sector.
The regulator urged Taiwan's banking association to use the UK's Senior Managers Regime (SMR) as a blueprint for developing a "responsibility mapping system" for allocating responsibility and accountability to individuals in organizations. The system should require that banks clearly assign management responsibilities throughout the organization, the FSC states. Executives would then have to sign a statement of responsibilities acknowledging the activities for which they are accountable.
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