Key Supervisory and Regulatory Initiatives

INSPECTIONS AND SUPERVISORY REVIEWS

Inspections on Business Continuity Management
Following the issuance of the Business Continuity Management (BCM) Guidelines, MAS conducted a series of thematic inspections to assess the preparedness of institutions and the financial sector in handling major disruptions and their alignment with the Guidelines. The review indicated that institutions are cognisant of the importance of BCM and are generally well-equipped with recovery capabilities necessary for the continuation of their critical business functions. Some of the weaknesses highlighted during the inspections relate to interdependency and concentration risks. MAS shared the key findings of these inspections, including peer comparison of the institutions’ preparedness, with senior management of the institutions inspected. In response to the inspection findings, institutions are in the process of reviewing and mitigating these risks.