Leave requirements

Staff in risk-taking, risk management and risk control positions should be required to take mandatory block leave of at least 5 consecutive business days each year (para. 2.8.1 Guidelines on Internal Controls). Departures from this policy should be allowed only under exceptional circumstances and should be formally approved (para. 2.8.1 Guidelines on Internal Controls).

The Guidelines on Risk Management Practices – Internal Controls that highlight the mandatory leave apply to all financial institutions, including A/I LFMCs and even RFMCs. Although guidelines are not mandatory, MAS expects financial institutions to require it in personnel policies.

Moreover, it is market standard. Unless you have pressing reasons, the “block leave” of at least five consecutive business days each year is strongly recommended.

Please note that “[s]taff on mandatory leave should not be allowed to transact, execute instructions or perform their assigned duties during their leave of absence.” (para. 2.8.2 Guidelines on Risk Management Practices – Internal Controls)