Second Consultation Paper and Response to Feedback Received on Proposed Revisions to Guidelines on Business Continuity Management
MAS has issued a second consultation on proposed revisions to its Guidelines on Business Continuity Management (BCM). This second consultation includes revisions to address feedback received from the first consultation published in 2019 and incorporates key learnings from the COVID-19 pandemic. It builds on the policy intent from the first consultation to further emphasise the need for financial institutions to take an end-to-end view in ensuring the continuous delivery of critical business services, and introduce principles and practices that financial institutions can implement to strengthen operational resilience. Following the review, MAS published a set of revised guidelines in June 2022.
The Guidelines on Business Continuity Management (BCM) set out the need for financial institutions to take an end-to-end service-centric view in ensuring the continuous delivery of critical business services to their customers.