BSP requires banks to report 'reputational' risks : vimarsan

BSP requires banks to report 'reputational' risks


BusinessWorld
April 16, 2021 | 7:30 pm
A motorcycle pases a building of the Bangko Sentral ng Pilipinas in Manila, April 28, 2016. -- REUTERS/Romeo Ranoco/File Photo
Philippine lenders should be on guard against any “reputational risks” that could potentially impact their financial standing and affect stakeholder confidence, the Bangko Sentral ng Pilipinas (BSP) said on Friday.
In a statement, the central bank said all BSP-supervised financial institutions (BSFIs) will be required to report within five calendar days from determining any incident affecting its reputation. This includes any issues raised on social media platforms that may affect its stakeholders and “lead to a full-blown crisis if not responded to in a timely and effective manner,” the BSP added.

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