Bank Indonesia (BI) called off the obligatory possession of risk management certification for the commercial banks officers and administrators as from August 3, 2010 into August 3, 2011.
The relaxing stipulation here goes along with the accessibility to establish profession certification institution
The new regulation is required in the BI Regulation (PBI) No. 12/7/PBI/2010 amended from PBI No.11/19/PBI/2009 on risk management certification for the commercial bank officers and administrators.
The relaxing stipulation here goes along with the accessibility to establish profession certification institution
The new regulation is required in the BI Regulation (PBI) No. 12/7/PBI/2010 amended from PBI No.11/19/PBI/2009 on risk management certification for the commercial bank officers and administrators.
The suspended obligatory possession of risk management certification is due to the many commercial bank officers and administrators have yet to own their certificates.
Besides, the number of profession certification institutions holding the risk management certification is still very limited as it is currently only one, Risk Management Certification Body (BSMR).
BI regulation here clarifies the requirement of certification institution requirement to improve synergy with the profession certification authority so as to help ease the implementation of risk management certification regulation for the commercial bank officers and administrators.
The amendment is included in the governing provision Article 15 A of which BI could recommend the authority for license proposal from the profession certification institution candidate to engage a risk management certification.
In the old regulation, there is none of governing provision. Article 15 A stipulates that certification institution should get license as profession certification institution on bank risk management from the authorized institution.
Besides, BI clarifies further Article 16 paragraph 2 item A on the certification definition which formerly referred to international institution extended without mentioning the relevant institutions.
BI asserted risk management certification definition referring to the international best practices is the certification which got acknowledgment internationally and issued by international certification institutions.
It implies, the certification institution recognition is due to the fact that the materials got international recognition thorugh cooperation with the global certification institution in terms of certification material review. The institution here is acknowledged on the basis of BI assessment with reference to the international standard on risk management issued by the Basel Committee on Banking Supervision.
Formerly risk management certification should got international recognition and issued by the international certification institution such as Bank Risk and Regulation Certificate (BRRC) from the Global Association of Risk Professional (GARP) and Professional Risk Manager (PRM) from Professional Risk Managers' International Association (PRMIA).
Besides, the number of profession certification institutions holding the risk management certification is still very limited as it is currently only one, Risk Management Certification Body (BSMR).
BI regulation here clarifies the requirement of certification institution requirement to improve synergy with the profession certification authority so as to help ease the implementation of risk management certification regulation for the commercial bank officers and administrators.
The amendment is included in the governing provision Article 15 A of which BI could recommend the authority for license proposal from the profession certification institution candidate to engage a risk management certification.
In the old regulation, there is none of governing provision. Article 15 A stipulates that certification institution should get license as profession certification institution on bank risk management from the authorized institution.
Besides, BI clarifies further Article 16 paragraph 2 item A on the certification definition which formerly referred to international institution extended without mentioning the relevant institutions.
BI asserted risk management certification definition referring to the international best practices is the certification which got acknowledgment internationally and issued by international certification institutions.
It implies, the certification institution recognition is due to the fact that the materials got international recognition thorugh cooperation with the global certification institution in terms of certification material review. The institution here is acknowledged on the basis of BI assessment with reference to the international standard on risk management issued by the Basel Committee on Banking Supervision.
Formerly risk management certification should got international recognition and issued by the international certification institution such as Bank Risk and Regulation Certificate (BRRC) from the Global Association of Risk Professional (GARP) and Professional Risk Manager (PRM) from Professional Risk Managers' International Association (PRMIA).
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