On Jan. 23, TAI FSC promoted responsibility map in banking industry.
TAI FSC appointed TAI BAC to formulate Self-regulations on responsibility map system in banking industry, and draft FAQ with reference to the senior managers regime.
Responsibility Map
The targets include chairman, general manager, deputy general manager and other senior management personnel who have decision-making power over the business.
Senior managers shall understand their responsibilities, sign responsibility statement.
Internal management responsibilities and structures to be divided across the map.
Board of directors shall supervise the implementation of the responsibility map system.
A committee shall be set up with accountability functions under the board of directors, or an existing committee designated, to be responsible for accountability matters.
Transition Arrangement
Banks should complete the relevant preparations before the end of Dec. 2024.
The self-regulation will be implemented from Jan. 1, 2025.
Feb. 2024 TAI BAC
On Feb. 5, 2024, TAI BAC issued the self-regulations on responsibility map system.
