PIDM - Perbadanan Insurans Deposit Malaysia
PIDM - Perbadanan Insurans Deposit Malaysia
09/23/2024 | Press release | Distributed by Public on 09/22/2024 22:36
PIDM’s National Resolution Symposium Returns for the Second Year
Continues resolution planning discussions with Malaysia's financial industry players
Kuala Lumpur, 23 September 2024: Perbadanan Insurans Deposit Malaysia (PIDM)'s National Resolution Symposium (NRS) returns for the second year, gathering domestic and international experts, speakers and participants to continue the ongoing conversations surrounding the ways to manage or resolve financial institution failure amidst uncertainties. The NRS was attended by close to 450 participants, including senior management leaders from Malaysia's financial institutions.
With the theme of 'Building Collaborative Resolvability: From Policy to Practice', this year's NRS steers the discussion toward the practical implementation of crisis preparedness and on how stakeholders - from financial safety net players, financial institutions, Shariah scholars and practitioners, professional firms to the media - can work together to ensure the orderly resolution of member institutions in a failure event.
"At PIDM, we see crisis preparedness as an ongoing business, not just a response to emergencies. Resolution planning, done in advance, can build capabilities during good times to support effective resolution of member institutions and is also a value-adding tool to enhance their resilience," said Rafiz Azuan Abdullah, Chief Executive Officer, PIDM.
"The NRS reinforces this commitment to ensuring our member institutions are ready and resolvable in the face of today's and tomorrow's challenges. We aim to foster collaboration and the exchange of insights that support effective resolution, which is necessary to maintain financial system stability," added Rafiz.
Last year, PIDM issued resolution planning requirements to its member banks. This initiative will be implemented in phases sequentially to Bank Negara Malaysia (BNM)'s implementation of recovery planning, guided by the principle of proportionality, depending on the bank's size and complexities.
PIDM, as the resolution authority for its member institutions, and BNM jointly developed policy frameworks for Recovery and Resolution Planning (RRP) to strengthen the crisis preparedness and resilience of Malaysian financial institutions. Recovery planning, led by BNM, ensures that banks can respond effectively to financial distress and are capable of restoring viability during times of severe stress. Resolution planning, led by PIDM, ensures that banks can be resolved in a prompt and orderly manner without severe disruption to the financial system.
This year's NRS features panel sessions, masterclasses and roundtable discussions with stakeholders from the banking and insurance industries. Dato Sri (Dr) Zukri Samat, Chairman of PIDM, delivered the welcoming address and Dato' Seri Abdul Rasheed Ghaffour, Governor, Bank Negara Malaysia delivered the keynote speech at the symposium.
PIDM has also published 25 global case studies relating to the resolution of banks and insurance companies as part of its continuing efforts to bring forth discussions on resolution planning. A downloadable e-book was also made available to the general public on PIDM's website.
Visit PIDM's website for more information on PIDM's role as a resolution authority.
Issued by:
Corporate Communication Department,
Perbadanan Insurans Deposit Malaysia.
Kuala Lumpur, 23 September 2024: Perbadanan Insurans Deposit Malaysia (PIDM)'s National Resolution Symposium (NRS) returns for the second year, gathering domestic and international experts, speakers and participants to continue the ongoing conversations surrounding the ways to manage or resolve financial institution failure amidst uncertainties. The NRS was attended by close to 450 participants, including senior management leaders from Malaysia's financial institutions.
With the theme of 'Building Collaborative Resolvability: From Policy to Practice', this year's NRS steers the discussion toward the practical implementation of crisis preparedness and on how stakeholders - from financial safety net players, financial institutions, Shariah scholars and practitioners, professional firms to the media - can work together to ensure the orderly resolution of member institutions in a failure event.
"At PIDM, we see crisis preparedness as an ongoing business, not just a response to emergencies. Resolution planning, done in advance, can build capabilities during good times to support effective resolution of member institutions and is also a value-adding tool to enhance their resilience," said Rafiz Azuan Abdullah, Chief Executive Officer, PIDM.
"The NRS reinforces this commitment to ensuring our member institutions are ready and resolvable in the face of today's and tomorrow's challenges. We aim to foster collaboration and the exchange of insights that support effective resolution, which is necessary to maintain financial system stability," added Rafiz.
Last year, PIDM issued resolution planning requirements to its member banks. This initiative will be implemented in phases sequentially to Bank Negara Malaysia (BNM)'s implementation of recovery planning, guided by the principle of proportionality, depending on the bank's size and complexities.
PIDM, as the resolution authority for its member institutions, and BNM jointly developed policy frameworks for Recovery and Resolution Planning (RRP) to strengthen the crisis preparedness and resilience of Malaysian financial institutions. Recovery planning, led by BNM, ensures that banks can respond effectively to financial distress and are capable of restoring viability during times of severe stress. Resolution planning, led by PIDM, ensures that banks can be resolved in a prompt and orderly manner without severe disruption to the financial system.
This year's NRS features panel sessions, masterclasses and roundtable discussions with stakeholders from the banking and insurance industries. Dato Sri (Dr) Zukri Samat, Chairman of PIDM, delivered the welcoming address and Dato' Seri Abdul Rasheed Ghaffour, Governor, Bank Negara Malaysia delivered the keynote speech at the symposium.
PIDM has also published 25 global case studies relating to the resolution of banks and insurance companies as part of its continuing efforts to bring forth discussions on resolution planning. A downloadable e-book was also made available to the general public on PIDM's website.
Visit PIDM's website for more information on PIDM's role as a resolution authority.
Issued by:
Corporate Communication Department,
Perbadanan Insurans Deposit Malaysia.