CONTENTS
HOME
OUR WORK - Managing Risks, Sustaining Growth
A MORE CHALLENGING POLICY ENVIRONMENT
MONETARY POLICY - PROVIDING AN ANCHOR FOR PRICE STABILITY OVER THE MEDIUM-TERM
MANAGING THE CHALLENGES OF INCREASED GLOBAL FINANCIAL UNCERTAINTY
A SOUND AND PROGRESSIVE FINANCIAL CENTRE
CURRENCY
 
MANAGING THE CHALLENGES OF INCREASED GLOBAL FINANCIAL UNCERTAINTY 20
 
International Financial Markets: Subprime Crisis 20
 
Asia: Resilient So Far But There Are Risks 23
 
Enhanced Surveillance and Supervision 24
 
Money Markets: Staying Vigilant 24
 
Business Continuity and Crisis Management 25
 
FATF Mutual Evaluation Exercise 2007/2008 26
 
AML/CFT Notice to SVF Holders 26
 
External Validation Performed Between Other Ministries' Internal Audit Departments and MAS 26
 
Box Story 2 - Audit Committee Guidance Committee 27
 
Risk Management Guidelines for Insurance Companies 28
 
Consumer Protection (Fair Trading) Act - Inclusion of Financial Products and Services 28
 
Corporate Governance of Listed Companies 28
 

Business Continuity And Crisis Management

In the last few years, the operating environment for financial institutions has been particularly challenging with continued threats of terrorism, flu pandemics and market upheavals. To stay ahead of these challenges, MAS has been strengthening our institutional framework and capacity for crisis management across the various threat scenarios. In the past year, we have embarked on a three- to five-year work programme to enhance the resilience of the financial sector to major operational disruptions. This entails us working closely with the other government agencies, financial institutions, and non-financial institution service providers.

As a member of the national crisis management system, MAS participates in national crisis management planning and exercises to integrate the financial sector's crisis response plans with those of the homefront agencies. We have also enhanced our surveillance capability through the wider national information and intelligence network. MAS works closely with the civil authorities, principally the Singapore Police Force (SPF) and the Singapore Civil Defence Force (SCDF), to conduct Business Continuity Management (BCM) outreach programmes for the financial sector and implement BCM initiatives to enhance the security of the financial district. In April this year, the SPF introduced the Industry Safety and Security Watch Group, a new community engagement platform for the financial sector on safety and security issues.

Recognising that speed and flexibility in communication and sharing of updated and relevant information are vital to crisis management and recovery activities, MAS has developed a crisis management information portal to facilitate efficient information sharing and communication during peacetime and crisis. This is especially important if recovery activities were to be carried out at different locations during a crisis.