boa chairman joel l. tan-torres qar roadmap for implementation
TRANSCRIPT
BoA Chairman Joel L. Tan-Torres
QAR Roadmap for Implementation
Milestones towards QAR Implementation
Lifting the court injunction Continuing dialogue with stakeholders Reforming the regulatory framework Adopting interim measures Full implementation of QAR Coordinating with other regulators
Lifting the Court Injunction Conduct final consultation with stakeholders Submit revised QAR resolution to PRC for
approval Submit approved QAR resolution to RTC
Caloocan and request for lifting of injunction TIME TABLE: May to July 2015
Milestones towards QAR Implementation
Lifting the court injunction Continuing dialogue with stakeholders Reforming the regulatory framework Adopting interim measures Full implementation of QAR Coordinating with other regulators
Continuing Dialogue with Stakeholders Issues
◉ QAR audit program◉ Type of review/inspection• Peer• Contracted• Permanent
◉ QA approaches and requirements for practitioners◉ Governance issues ◉ Training of QA reviewers
EXPANDING HORIZONS
Continuing Dialogue with Stakeholders
Conduct information awareness campaign TIME TABLE: May to August 2015
QAR QAR QAR
Milestones towards QAR Implementation
Lifting the court injunction Continuing dialogue with stakeholders Reforming the regulatory framework Adopting interim measures Full implementation of QAR Coordinating with other regulators
Reforming the Regulatory Framework
Coordinate with BIR and SEC in revising the audit threshold via joint IRR
Utilize audit survey results to support the action
Conduct information awareness campaign TIME TABLE: May to August 2015
Milestones towards QAR Implementation
Lifting the court injunction Continuing dialogue with stakeholders Reforming the regulatory framework Adopting interim measures Full implementation of QAR Coordinating with other regulators
Adopting Interim Measures Prescribe BoA resolution requiring
practitioners to provide QAR reports Develop the Risk Based Red Flag System Develop benchmarks Conduct information awareness campaign TIME TABLE: July to December 2015
Milestones towards QAR Implementation
Lifting the court injunction Continuing dialogue with stakeholders Reforming the regulatory framework Adopting interim measures Full implementation of QAR Coordinating with other regulators
Full Implementation of QAR Collect fees together with accreditation
renewal or applications Finalize the QAR audit program for QA
reviewers Complete the organization and the core
staffing Implement training program for reviewers
EXPANDING HORIZONS
Full Implementation of QAR Conduct QAR on red flagged cases Conduct information awareness campaign TIME TABLE: July 2015 to June 2016
Milestones towards QAR Implementation
Lifting the court injunction Continuing dialogue with stakeholders Reforming the regulatory framework Adopting interim measures Full implementation of QAR Coordinating with other regulators
EXPANDING HORIZONS
Coordinating with Other Regulators Finalize MOAs with SEC and BIR on
implementation requirements Conduct information awareness campaign TIME TABLE: July 2015 to June 2016
Milestones towards QAR Implementation
Lifting the court injunction Continuing dialogue with stakeholders Reforming the regulatory framework Adopting interim measures Full implementation of QAR Coordinating with other regulators