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The MFSA announced its supervision priorities for 2021 earlier this month, building on several of the underlying themes outlined in its three-year strategic plan for 2019-2021, but also adding direct supervisory focus on monitoring the impact of COVID-19 on the financial services sector.
In essence, this means that while several key themes such as corporate governance, financial crime compliance and ICT risk and cybersecurity will continue to dominate the supervisory agenda, banks should also expect deeper assessments on specific areas of interest. These include banks’ analysis, quantification and management of credit risk, as well as the viability of their business models in the post-COVID economy.