Regulation and Governance in Digital Banking
AICB and PwC Malaysia collaborated on a webinar entitled “Regulation and Governance in Digital Banking” on 17 June 2020 at 10 am. Moderated by AICB CEO Prasad Padmanaban, the discussion centred on the requirements for regulation and governance in the digital banking environment and how each risk is different, and the fundamentals of e-Know-Your-Customer (e-KYC) checks and recovery and resolution planning (RRP).
PwC Malaysia Risk Assurance Services Partner Dominic Chegne shared his insights on operational controls, specifically on customer on-boarding and monitoring with eKYC technology, and the importance of establishing the level of confidence required to deliver the digital service. To provide attendees with a better understanding of the topic, he also shared several case studies developed from his experience working on pioneering payments and cryptocurrency platform Crypto and Ewallet. Following this, PwC Malaysia Partner and Assurance Principal Ting Choo Wai enlightened attendees on the eight elements of a robust recovery plan in the RRP process and critical matters in the resolution strategy. He also highlighted essential considerations for virtual banks on exit plans and internal controls, the observance of regulatory and governance requirements, and risks involved in the digital banking environment. The webinar was attended by close to 400 participants, who actively engaged with the speakers through the Q&A session and chats. A recording of the webinar was provided to all participants after the session.