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

    US Agencies Requests Comments on Use and Impact of CAMELS Ratings

    US Agencies (FDIC and FED) are seeking information and comments from interested parties regarding the consistency of ratings assigned by the agencies under the Uniform Financial Institutions Rating System (UFIRS).

    October 18, 2019 WebPage Regulatory News
    News

    BoE Announces Date for Publication of Stress Test Results for Banks

    BoE announced its plans to publish results of the full UK annual stress tests on December 10, 2019.

    October 18, 2019 WebPage Regulatory News
    News

    CPMI Report Examines Impact of Global Stablecoins

    This report by the G7 Working Group on Stablecoins finds that stablecoins, regardless of size, have implications ranging from anti-money laundering efforts across jurisdictions to operational resilience (including for cyber security), consumer or investor and data protection, and tax compliance.

    October 18, 2019 WebPage Regulatory News
    News

    PRA Consults on Approach to Supervising Liquidity and Funding Risks

    In consultation paper (CP27/19), PRA published a proposal (CP27/19) to update the supervisory statement SS24/15 on the PRA approach to supervising liquidity and funding risk.

    October 17, 2019 WebPage Regulatory News
    News

    US Agencies Consult on Policy Statement on Allowance for Credit Losses

    US Agencies (FDIC, FED, NCUA, and OCC) are consulting on the policy statement on allowances for credit losses and on the guidance on credit risk review systems.

    October 17, 2019 WebPage Regulatory News
    News

    FSI Paper Examines Use of Suptech Initiatives by Financial Authorities

    The Financial Stability Institute (FSI) of BIS published a paper that examines the suptech developments by analyzing suptech initiatives of 39 financial authorities globally.

    October 17, 2019 WebPage Regulatory News
    News

    US Agencies Publish Notice to Extend Form FFIEC 102 for Three Years

    US Agencies (FDIC, FED, and OCC) published a joint notice regarding extension of the market risk regulatory report for institutions subject to the market risk capital rule (FFIEC 102).

    October 17, 2019 WebPage Regulatory News
    News

    ECB Publishes Recommendations on Euro Risk-Free Rates Transition

    ECB published a report, by private sector working group on euro risk-free rates, which contains recommendations, from a risk management perspective, on the transition to new risk-free rates.

    October 17, 2019 WebPage Regulatory News
    News

    FSB Report Examines Implementation and Impact of G20 Financial Reforms

    FSB published fifth annual report on the implementation and effects of the G20 financial regulatory reforms.

    October 16, 2019 WebPage Regulatory News
    News

    EBA Launches Consultation on Comprehensive Pillar 3 Disclosures

    EBA proposed the new comprehensive implementing technical standard (ITS) for public disclosures by financial institutions.

    October 16, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4002