2.3 Other Risk Factors 2.3.1 Risk from Economic Condition The Bank is fully aware of economic uncertainties and put in place a framework to manage the risks. ttb Analytics, the Bank’s in-house economic research unit, has played an important role in closely monitoring and assessing the economic conditions as well as cooperating with business units on regular basis. This is to ensure that the Bank’s operation is resilient and ready against any unexpected uncertainties. We also provide economic and financial information as well as industry outlook for our clients. 2.3.2 Risk from Material Changes in Regulations It is the Bank’s obligation to comply with statutory rules and regulations issued by relevant authorities, e.g., Financial Institutions’ Businesses Act, Bank of Thailand’s Regulations and Notifications, the Securities and Exchanges Act, the Securities Laws and Regulations as issued by the Stock Exchange of Thailand, the Securities and Exchange Commission, Life Insurance Act and Non-Life Insurance Act, Office of Insurance Commission’s Regulations and Notifications, the Anti Money Laundering Act, Counter-Terrorism and Proliferation of Weapon of Mass Destruction Financing Act and their Royal Decrees. In addition, foreign act which substantial impact to the banking industry has also in place. Compliance has been established in which responsible for providing advice, recommendations and opinions on various issues, cooperative with the relevant functions within the Bank in order to ensure that the Bank and its subsidiaries are in compliance with applicable statutory laws, rules and regulations as well as the Bank’s internal policies and procedures. Substantial issues shall be escalated to the Bank’s management and committees to effectively manage compliance risk. In the year 2021, the Regulators who regulated Financial Institutions have issued guidelines including several regulations for the Financial Institutions. The summary of the significant regulations are as follows: The Bank of Thailand (“BOT”) has issued an announcement regarding the code of assistance to retail debtors and business operators. According to the impact of the Covid-19 pandemic situation, many measures continue In order to increase liquidity and modify existing debts, such as Debt Mediation, Debt Doctor. Project for the Long-term debt such as debt consolidation, reduction of refinancing restrictions. Including promoting sustainable economic growth and development to have sustainable finance concepts, formulate business strategies that take into account the environment, society, and good governance to support the more stability of financial institutions to manage risks, the adequacy of capital funds such as information technology risks. 111 Form 56-1 One Report 2021
RkJQdWJsaXNoZXIy ODEyMzQ3