On 31 December 2010, the HKMA issued a revised version of the Supervisory Policy Manual IC-1 "General Risk Management Controls" ("the SPM"). The SPM has been updated to reflect recent changes in international standards and practices. These relate mainly to general risk management issues with implications for the whole AI and include, for example, insufficient firm-wide risk management; oversight of risk management by the Board of Directors; ineffectiveness of senior management in risk identification, analysis and monitoring; and lack of system infrastructure and information to support financial risk management.
Other risk-specific issues, including counterparty credit risk, liquidity risk, and market risk have been or are being addressed in the relevant SPM for individual risks.
The HKMA's news release and the SPM can be viewed HERE.