ANNUAL REPORT 2002 / 2003
FINANCIAL SECTOR - KEY REGULATORY AND SUPERVISORY INITIATIVES
LAYING A STRONG FOUNDATION FOR FINANCIAL INNOVATION
developments have propelled major innovations in financial systems globally.
Many online financial systems have become increasingly dependent
on networked computer technologies. Some of these new technologies have security
flaws and vulnerabilities that have become an issue and need to be addressed.
value and volume of financial transactions taking place on the internet have
grown rapidly, and technology risks have become an issue that must be addressed.
Financial institutions should establish and maintain robust technology risk
management policies, processes and practices, including strong security measures
to protect their information assets and systems. Going forward, the cost of
implementing security could be regarded as a prudent cost of doing online
|Risk-Based Regulatory Regime||Prudential Policies||Enhancing MAS' Supervisory Role||Greater Consistency in Standards Across Sectors|
|Building Strong Pillars for Good Corporate Governance||Additional Requirements||Building Confidence with Sound Market and Business Conduct|
|Upholding Professional and Ethical Standards||Laying Strong Foundation for Financial Innovation||Managing Technology Risks|
|Improved Securities Trading and Clearing System||Safer Settlement System for Foreign Exchange||Payment Systems|
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