An important factor in the sustainable and progressive development of the financial sector, building a constructive dialogue between the banking community and the regulator, is the consistency, transparency and predictability of the financial regulator actions, the existence of a unified policy and understanding of its main priorities.
The definition of the main priorities of the supervisory policy of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (hereinafter – the Agency) in relation to the banking sector in 2022 is designed to ensure the effectiveness of the supervisory process and increase transparency in the activities of the financial regulator.
In order to ensure the protection of the rights and interests of depositors and other investors, the stability of the financial sector, the fundamental principle of an effective supervisory process will be the further development of a risk-based approach using supervisory judgment.
The main objectives of the risk-based approach are to identify and prevent risks and deficiencies in the activities of banks, in order to intervene early and take timely supervisory actions to ensure their financial stability, and to prevent an increase in risks in their activities.
At the same time, the risk-based approach considers the principle of proportionality, which assumes:
Within the framework of a risk-oriented approach, the supervisory process will simultaneously continue to use the financial regulator's mandate to use motivated judgment in legally defined areas (issuance of permits for the entry of persons into the financial market, assessment of the adequacy of provisions (reserves) created, identification of persons associated with the bank with special relations, assessment of risk management and internal control systems).
The main supervisory priorities specified in this document will allow to systematize the supervisory process and make full use of the risk-oriented component in the supervisory policy.