Operational Risk and Third-Party Risk Management

Consultation Papers on Updated Guidelines on Operational Risk Management and Proposed Guidelines on Third-Party Risk Management

6 March 2026

MAS issued consultation papers on Updated Guidelines on Operational Risk Management (ORMG) and Proposed Guidelines on Third-Party Risk Management (TPRMG). Both the updated ORMG and proposed TPRMG will form critical components of MAS’ overall approach to strengthen operational resilience in the financial sector. Both Guidelines are intended to uplift FIs’ practices, given the increasing digitalisation of financial services, reliance on third party intermediaries, and threat of cyber-attacks. The updated ORMG elaborates on MAS’ supervisory expectations on effective operational risk management practices by FIs. The proposed TPRMG will supersede the Guidelines on Outsourcing and formally extend the relevant expectations currently imposed on outsourced services to all third-party services.