Bank Negara Governor Urges Financial Institutions to Address Severe Crisis Risks
Bank Negara Malaysia (BNM) governor, Datuk Seri Abdul Rasheed Ghaffour, emphasized the importance of Malaysian financial institutions being prepared to face crises in the increasingly complex global financial environment. He highlighted the shared responsibility of all stakeholders, including regulators, government agencies, and the financial industry, in building a resilient financial system.
Speaking at the National Resolution Symposium, he mentioned that BNM has established interagency cooperation as the foundation for crisis preparedness.
Bank Negara stresses crisis preparedness
The Financial Stability Executive Committee (FSEC), which includes members from BNM, the Ministry of Finance, and the Securities Commission Malaysia, was created to ensure financial stability and balance public welfare and economic growth. Abdul Rasheed also encouraged financial institutions to conduct crisis simulations to identify gaps and improve recovery plans.
He added that operational incident recovery, supported by business continuity plans (BCP) and communication strategies, is crucial to prevent minor disruptions from becoming larger crises.
The symposium gathered 450 participants from both domestic and international sectors to discuss how to resolve financial institution failures during times of uncertainty.