Featured Product

    MAS Proposes to Further Amend Business Continuity Guidelines

    October 15, 2021

    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

    Related Articles
    News

    EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA

    The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.

    May 11, 2022 WebPage Regulatory News
    News

    EC Mandates ESAs to Propose Amendments to SFDR Technical Standards

    The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.

    May 11, 2022 WebPage Regulatory News
    News

    EBA Examines Supervisory Practices, Issues Deposits Reporting Template

    The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),

    May 11, 2022 WebPage Regulatory News
    News

    US Agency Publications Address Basel, Reporting, and CECL Developments

    The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances

    May 09, 2022 WebPage Regulatory News
    News

    SEC Extends Comment Period on Climate Risk Disclosures

    The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.

    May 09, 2022 WebPage Regulatory News
    News

    APRA Reduces Committed Liquidity Facility, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility and issued an update on the operational preparedness for zero and negative market interest rates.

    May 09, 2022 WebPage Regulatory News
    News

    CMF Consults on Basel Rules, Presents Roadmap to Address Climate Risks

    The Commission for the Financial Market (CMF) in Chile published capital adequacy ratios (as of February 2022, January 2022, and December 2021) for 17 banks and for the banking system.

    May 06, 2022 WebPage Regulatory News
    News

    PRA Issues Statement on NPEs and Policy on Trading Activity Wind-Down

    The Prudential Regulation Authority (PRA) issued a statement on the European Banking Authority (EBA) guidelines on management of non-performing exposures (NPEs) and forborne exposures.

    May 06, 2022 WebPage Regulatory News
    News

    EBA Updates Standards for 2023 Benchmarking of Internal Approaches

    The European Banking Authority (EBA) updated the implementing technical standards that specify the data collection for the 2023 supervisory benchmarking exercise in relation to the internal approaches used in market risk, credit risk, and IFRS 9 accounting.

    May 06, 2022 WebPage Regulatory News
    News

    EIOPA Responds to Stakeholder Views on Blockchain in Insurance

    The European Insurance and Occupational Pensions Authority (EIOPA) published a feedback statement on the responses received to the consultation on blockchain and smart contracts in insurance.

    May 06, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8179