MAS Issues Technology Risk Management Notice and Guidelines

Singapore, 21 June 2013... The Monetary Authority of Singapore (MAS) today issued the Technology Risk Management (TRM) Notice and Guidelines.

2   The TRM Guidelines aim to provide comprehensive guidance on the establishment of sound technology risk management and security practices to address existing and emerging technology risks within the financial industry. This set of enhanced Guidelines replaces the existing MAS Internet Banking and Technology Guidelines as well as past circulars on IT risk management, and applies to all financial institutions (FIs).

3   In addition, MAS has issued a Notice which defines a set of legal requirements relating to technology risk management for FIs. These include requirements for a high level of reliability, availability and recoverability of critical IT systems and for FIs to implement IT controls to protect customer information from unauthorised access or disclosure.

4   MAS took into account feedback from our public consultation in June 2012 and revised the Notice and Guidelines where appropriate.  Our responses to the public feedback are published on the MAS website at http://www.mas.gov.sg/News-and-Publications/Consultation-Paper/2012/Consultation-Paper-on-Notice-on-Technology-Risk-Management.aspx and http://www.mas.gov.sg/News-and-Publications/Consultation-Paper/2012/Consultation-Paper-on-Technology-Risk-Management-Guidelines.aspx. The TRM Notice can be accessed at http://www.mas.gov.sg/Regulations-and-Financial-Stability/Regulations-Guidance-and-Licensing.aspx and the TRM Guidelines at http://www.mas.gov.sg/Regulations-and-Financial-Stability/Regulatory-and-Supervisory-Framework/Risk-Management/Technology-Risk.aspx.

5   MAS wishes to thank all respondents for their feedback during the consultation.

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Last Modified on 21/06/2013