Featured Product

    MAS Consults on Guidelines on Technology Risk and Business Continuity

    March 07, 2019

    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

    Related Articles
    News

    EC Adopts Financial Reporting Changes Arising from Benchmark Reforms

    EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.

    January 14, 2021 WebPage Regulatory News
    News

    BIS Bulletin Examines Key Elements of Policy Response to Cyber Risk

    BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.

    January 14, 2021 WebPage Regulatory News
    News

    HMT Updates List of Post-Brexit Equivalence Decisions in UK

    HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.

    January 14, 2021 WebPage Regulatory News
    News

    EBA Issues Erratum for Technical Package on Reporting Framework 3.0

    EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.

    January 14, 2021 WebPage Regulatory News
    News

    APRA Publishes FAQ on Measurement of Credit Risk Weighted Assets

    APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.

    January 14, 2021 WebPage Regulatory News
    News

    EBA Publishes Risk Dashboard for Third Quarter of 2020

    EBA published the quarterly risk dashboard, along with the results of the Risk Assessment Questionnaire survey among 60 banks and 15 market analysts.

    January 13, 2021 WebPage Regulatory News
    News

    ECB Analysis Shows Privacy as Biggest Concern in Use of Digital Euro

    ECB concluded the public consultation on the introduction of a digital euro in EU.

    January 13, 2021 WebPage Regulatory News
    News

    ECB Finalizes Guide on Supervisory Approach to Bank Consolidation

    ECB published a guide that sets out the supervisory approach to consolidation in the banking sector.

    January 12, 2021 WebPage Regulatory News
    News

    SRB Chair Outlines Work Priorities for 2021

    The SRB Chair Elke König published an article setting out work priorities for 2021.

    January 11, 2021 WebPage Regulatory News
    News

    FDIC Selects Companies to Compete in Final Phase of Tech Sprint

    FDIC has selected 11 technology companies—including BearingPoint, Fed Reporter, Inc, and S&P Global Market Intelligence, LLC—for inclusion in the third and final phase of the rapid prototyping competition.

    January 11, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6417