The Monetary Authority of Singapore (MAS) issued a second consultation on revisions to the guidelines on business continuity management, with the feedback period ending on November 15, 2021. This second consultation includes revisions to address feedback received from the first consultation published in 2019 and incorporates key lessons learned from the COVID-19 pandemic. It builds on policy intent from the first consultation to further emphasize the need for financial institutions to take an end-to-end view in ensuring the continuous delivery of critical business services and introduce principles and practices that financial institutions can implement to strengthen operational resilience. While this second consultation is ongoing, financial institutions are directed to continue to refer to the 2003 guidelines and supplementary guidance.
The proposals cover guidance on third-party dependencies; exposure to concentration risk when several of an institution's critical business functions are outsourced to a single provider; threat monitoring, review, and reporting; testing of business continuity management frameworks and undertake effective remedial actions; and responsibilities of Board and senior management. The guidelines stipulate that, in establishing recovery strategies, a financial institution should adopt an end-to-end view of the critical business services’ dependencies, to not only consider the recovery of individual processes, but the complete set of processes supporting the delivery of the service. This will minimize the degree of disruption, safeguard customer interests, and maintain the safety and soundness of financial institutions. Financial institutions should also ensure clear accountability and responsibility for the overall business continuity of each critical business service. Where the delivery of a business service depends on multiple business functions, an overall manager should be appointed to coordinate incident management across the affected functions and oversee the resumption of the business service in the event of a disruption.
Comment Due Date: November 15, 2021
Keywords: Asia Pacific, Singapore, Banking, Business Continuity, Guidance, Operational Risk, Cyber Risk, Outsourcing Arrangements, Cloud Service Providers, Regtech, MAS
Previous ArticleBDF Updates Documentation for AnaCredit Reporting
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)
The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.
The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.
The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.