The Monetary Authority of Singapore (MAS) has recently revised its Technology Risk Management Guidelines 2021 (“TRM Guidelines”) after feedback from a 2019 public consultation and engaging with cyber security experts.
While there is some overlap between the TRM Guidelines and the previous 2013 edition of the TRM Guidelines (2013 edition), the TRM Guidelines have been developed primarily to keep pace with the current trends in technology development and deployment.
Fintech is increasingly playing a very central role to the business operations and plans of financial institutions. Given this, risks are also increasing and becoming more complex as companies make technology a central part of their daily business. As the sector rises, businesses and how technology is being used are also evolving.
Each FI will have its own risks and therefore these risk management guidelines need to be applied accordingly, but it is also not a “one time fits all.” It’s not static, FIs can’t do it just once. They need to constantly evaluate their risks and risk management principles to be relevant, given the constantly evolving landscape.
Listen as Stephanie Magnus, Ken Chia, and Ying Yi Liew from our Singapore office analyze the TRM Guidelines and their implications for financial institutions. You can also read our accompanying alert – Singapore: MAS revises Technology Risk Management Guidelines.