The Swiss Financial Market Supervisory Authority FINMA is today publishing guidance on the management of operational risks by fund management companies and managers of collective assets. In this guidance, it describes weaknesses it has identified and measures aimed at achieving appropriate risk management.
In its ongoing supervision, FINMA has determined that operational risks at supervised institutions are increasing due to digitalisation. At the same time, FINMA has increasingly noticed weaknesses in operational risk management by fund management companies and managers of collective assets.
Against this background, FINMA is issuing guidance to make fund management companies and managers of collective assets aware of the importance of appropriate operational risk management. In this guidance, it lists the general principles of appropriate risk management, which also apply to the management of operational risks. FINMA also describes measures to ensure appropriate management of risks in the areas of information and communication technology, data, cyber, business continuity, legal and compliance as well as outsourcing.
