The Evolution Of Individual Accountability Regimes

Ground continues to shift under senior managers as regulators refine their approach

Senior accountability regimes were a flagship of post Global Financial Crisis regulatory change in many key jurisdictions. Where these regimes have been up and running for a period, policymakers are now looking at the effectiveness of these regimes and whether change is needed to respond to today's operating environment.

Singapore: Starting to bite

Singapore's approach to senior manager oversight has to date been less formal than other jurisdictions, with the key accountability rules set out in the MAS Guidelines on Individual Accountability and Conduct. The Guidelines focus on familiar objectives of promoting accountability, strengthening oversight of material risk personnel and reinforcing standards of proper conduct among all employees. Contravention of Guidelines is not a criminal offence and does not attract civil or administrative penalties. However, non-compliance