Bank Negara Malaysia issues policy document on responsibility mapping

25 April 2024

On 29 December 2023, Bank Negara Malaysia issued a policy document on responsibility mapping. This policy document will come into effect on 1 January 2026 and will apply to financial institutions including licensed banks, licensed investment banks and licensed insurers under the Financial Services Act 2013. It also applies to licensed Islamic banks and licensed takaful operators under the Islamic Financial Services Act 2013.

This policy document seeks to ensure that responsibilities for all functions in a financial institution are clearly allocated to members of the senior management within the financial institution. It also seeks to clarify and strengthen the accountability of these members to whom responsibilities are allocated.