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Table 1. Thailand: Summary Compliance with the Basel Core Principles (continued)
•
The requirement for a risk oversight committee in accordance with Clause 5.4.2. comes
into effect on May 1, 2019. In the meantime, the Risk Management Committee set up
according to the previous notification shall be in charge for the duties of ROC. As of
the assessment date, 5 out of 15 domestic banks have already set up a risk oversight
committee. Two banks will establish one by December 2018 and the remaining eight
banks will be in full compliance by May 2019.
The two-year waiting period after being discharged of their functions for non-independent
directors, managers, persons with power of management, advisors, or staff members of
financial institutions before they can be appointed as independent directors is at the
shorter end of the spectrum.
The pilot on behavior & culture (B&C) assessment in four large financial institutions is at
the cutting edge of good practice. To continue to raise awareness of governance and risk
culture, the assessors recommend the BoT incorporates regular meetings with independent
directors as part of its supervisory process.
Principle 15
Risk Management Process
Comments
The assessors reviewed examination reports, risk assessments, and supporting supervisory
documents in risk management. They found that the BoT supervisors assess the financial
institutions’ policies, procedures, and practices in sufficient depth and scope across the risk
categories.
The assessors recommend that the BoT better articulate its supervisory expectations by
publishing best practice guides, for example after thematic reviews or when a range of
practice is observed on topics, for example risk management and governance. This will also
contribute to the international standing of the BoT as a world class prudential supervisor.
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