General Administration of Quality Supervision, Inspection and Quarantine of the People‘s Republic of China
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GB/T 42422-2023
Introduction
Introduction to GB/T 42422-2023 Financial Institution Risk Management Framework
GB/T 42422-2023 Financial Institution Risk Management Framework is a national standard in China that provides guidelines for managing risks in financial institutions. This framework aims to enhance the risk management practices in financial institutions and ensure the stability and sustainability of the financial system.
The standard covers a wide range of risk management areas, including credit risk, market risk, liquidity risk, operational risk, and legal and compliance risk. It outlines the principles, processes, and methodologies for identifying, assessing, mitigating, and monitoring these risks. It also emphasizes the importance of integrating risk management into the overall business strategy and decision-making process of financial institutions.
The GB/T 42422-2023 framework promotes a comprehensive and holistic approach to risk management. It encourages financial institutions to establish robust risk governance structures, implement effective risk management systems, and adopt appropriate risk mitigation measures. It also emphasizes the need for regular risk assessments, stress testing, and scenario analysis to ensure the adequacy of risk management practices.
By adopting the GB/T 42422-2023 Financial Institution Risk Management Framework, financial institutions can enhance their risk management capabilities, strengthen their resilience to risks, and improve their overall risk-adjusted performance. This standard serves as a valuable reference for financial institutions, regulators, and other stakeholders in the financial industry to establish sound risk management practices and maintain the stability of the financial system.
GB/T 42422-2023 history
2023GB/T 42422-2023 Risk Management Framework for Financial Institutions