The Financial Services Agency and the Bank of Japan have announced that they will strengthen cooperation through "inspections" and "examinations" to examine the soundness of financial institutions' management.
Based on the fact that the content is duplicated and it is a double burden for financial institutions, the aim is to eliminate the vertical division and reduce the burden.
The Financial Services Agency conducts "inspections" and the Bank of Japan conducts "examinations" to check the soundness of financial institutions' management.
However, it was pointed out that it would be a double burden for financial institutions due to duplication of content, so the Financial Services Agency and the Bank of Japan decided to strengthen cooperation.
First, regarding major banks, the Financial Services Agency and the Bank of Japan will regularly exchange opinions, share awareness of the issues, request the submission of materials jointly, and conduct joint investigations on important themes such as cyber security measures.
For regional financial institutions, we will share the implementation status of "inspections" and "examinations" so that we can efficiently grasp information such as management risks.
In addition, we will unify the formats of reports submitted to the Financial Services Agency and the Bank of Japan, and promote efforts to unify the submission destinations.
Through these measures, the Financial Services Agency and the Bank of Japan hope to eliminate vertical divisions, reduce the burden on financial institutions, and efficiently monitor business conditions to stabilize the financial system.