Enhancements to Technology Risk and Business Continuity Management Guidelines proposed by MAS
The Monetary Authority of Singapore (MAS) released two consultation papers on proposed changes to the Technology Risk Management Guidelines and the Business Continuity Management Guidelines. The changes will require financial institutions’ (FIs) to put in place enhanced measures to strengthen operational resilience. These take into account the rapidly changing physical and cyber threat landscape.
The two Guidelines are in effect for several years whereas, The Technology Risk Management guidelines were issued in 2013 and The Business Continuity Management Guidelines were first issued to the financial industry in June 2003 and subsequent addendum was issued in January 2006, Both guidelines will continue to emphasise the importance of risk culture, and the roles of Board of Directors and senior management in technology risk and business continuity management.
The public consultation will run from 7 March to 8 April 2019. Copies of the public consultation papers are available on the MAS website: Technology Risk Management Guidelines and Business Continuity Management Guidelines. MAS welcomes feedback from FIs and other interested parties on the proposed changes to the Guidelines.
Date: 7th March 2019