MAS proposed changes to the guidelines on technology risk management and business continuity management. The proposed changes take into account the rapidly changing physical and cyber threat landscape and will require financial institutions to put in place enhanced measures to strengthen operational resilience. The two guidelines continue to emphasize the importance of risk culture, along with the roles of Board of Directors and senior management in technology risk and business continuity management. The comment period for the proposed guidelines ends on April 08, 2019.
Under the technology risk management guidelines, the proposed changes relate to technology risk governance and oversight, effective cyber surveillance, secure software development, and emerging technologies. The proposals were developed in close partnership with the financial industry. The MAS Cyber Security Advisory Panel (CSAP), which comprises international cyber security thought leaders, provided valuable inputs in shaping these proposals.
The second consultation is on the business continuity management guidelines, which raise standards for financial institutions in the development of business continuity plans that will better account for interdependencies across financial institutions’ operational units and linkages with external service providers. Financial institutions are encouraged to put in place an independent audit program to regularly review the effectiveness of their efforts on business continuity management.
Comment Due Date: April 08, 2019
Keywords: Asia Pacific, Singapore, Banking, Securities, Business Continuity, Technology Risk, Cyber Security, Operational Risk, Cyber Risk, Regtech, MAS
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