SBP restructures supervision, launches Cyber Risk Department

MG News | December 13, 2024 at 08:33 PM GMT+05:00

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December 13, 2024 (MLN): To further strengthen regulatory oversight, the State Bank of Pakistan (SBP) has reorganized its three existing Banking Supervision Departments into two new units; Banking Supervision Department-1 (BSD-1) and Banking Supervision Department-2 (BSD-2).

A detailed list of regulated entities allocated to each department has been shared.

The central bank has also introduced a new "Cyber Risk Management Department (CRMD)" under its Banking Supervision Group.

This department will focus on on-site and off-site supervision of cyber security risks faced by regulated entities.

The Directors have already assumed charge of their respective departments for a smooth transition and continued focus on robust regulatory practices.

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