Enhancing Operational Capabilities Through IT
MAS implemented the Grants and Incentive Processing System to streamline the processing of grants and incentives awarded to financial institutions. The new system enables full electronic processing and tracking of applications and awards, starting from the point of request submission by financial institutions.
We also made significant enhancements to our internal Complaints Management System to ease the monitoring and tracking of complaints received from members of the public.
These timely enhancements helped our call centre staff deal with the surge in public calls received during the financial crisis.
In dealing with the financial crisis, it was also important that our integrated front, middle and back-office systems can be configured for operational flexibilities to support MAS' role in foreign reserves management and monetary management. This enabled us to implement new liquidity and risk-control measures promptly.
On the enterprise resource management front, MAS continues to improve operational efficiency through the integration and streamlining of our human resource, finance and procurement functions. For this purpose, MAS conducted a feasibility study on the Alliance for Corporate Excellence (ACE) shared system project. ACE is a government cross-agency program initiated by the Ministry of Finance that pools individual agencies' human resource, finance and procurement functions into a shared IT system, with the aim of achieving efficiency gains and cost savings across various government bodies.