Guidelines on Outsourcing
These guidelines set out MAS’ expectations of a financial institution that has an outsourcing arrangement or is planning to outsource its business activities to a service provider.
The guidelines cover:
- Engagement with MAS on outsourcing.
- Sound practices on risk management of outsourcing arrangements.
- Cloud computing.
Resources:
Amendment Notes
- 08 Oct 2018
- Version dated 27 July 2016 (last revised on 05 October 2018) (626.2 KB) takes effect.
- 27 Jul 2016
- Previous version dated 27 July 2016 (236 KB) takes effect.
- 27 Jul 2016
- Previous version dated October 2004 (last revised on 01 July 2005) (80.2 KB). [Cancelled]
Related to this Item
-
FAQsLast Revised Date: 01 March 2023
FAQs on Trust Companies Act and Trust Companies Regulations
Provides guidance on the regulatory scope of the Trust Companies Act, including licensing and reporting requirements for licensed trust companies, exempt trust companies and exempt persons providing trust services.
-
NoticesLast Revised Date: 30 September 2022
Notice 126 Enterprise Risk Management (“ERM”) for Insurers
Enterprise risk management (ERM) requirements and guidelines for licensed insurers.
-
NoticesPublished Date: 29 June 2022
Notice FHC-N126 Enterprise Risk Management ("ERM")
Requirements and guidelines on enterprise risk management for designated financial holding companies that has a subsidiary that is a licensed insurer incorporated, formed or established in Singapore (“DFHC (Licensed Insurer”)).
-
NoticesLast Revised Date: 28 June 2021
Notice 1108 Banking Secrecy – Conditions for Outsourcing
Requirements for merchant banks on protecting the confidentiality of customer information in all outsourcing arrangements.
-
CircularsPublished Date: 09 June 2020
ID 26/20 Outsourcing Arrangements Involving Services Wholly Provided by the Government Technology Agency (“GovTech”) or Agents Appointed by GovTech
Informs insurers on the exclusion of arrangements where the service is wholly provided by Singapore Government GovTech or its agents from the scope of the outsourcing.
-
CircularsPublished Date: 19 December 2019
ID 16/19 Submission of Outsourcing Register
Informs all insurers on the expectation to submit their outsourcing registers to MAS annually by 31 March of each year or upon MAS' request.
-
FAQsPublished Date: 27 July 2016
FAQ on MAS Guidelines on Outsourcing
Provides clarifications to some frequently asked questions on MAS Guidelines on Outsourcing.
-
CircularsPublished Date: 27 July 2016
SRD TR 01/2016: MAS Circular (Cancellation) 2016
Informs financial institutions that MAS Circular SRD TR01/2011 on Information Technology Outsourcing has been superseded and cancelled by the Guidelines on Outsourcing dated 27 July 2016.
-
GuidelinesPublished Date: 01 March 2013
Guidelines on Risk Management Practices – Operational Risk
Guidelines for a financial institution’s operational risk management framework, including business continuity and outsourcing.
-
GuidelinesPublished Date: 01 March 2013
Guidelines on Risk Management Practices for Insurance Business - Core Activities
Guidelines on sound practices in carrying out insurance business and principles relating to risk management framework.
-
GuidelinesPublished Date: 01 November 2012
Guidelines on Risk Management Practices for Insurance Business - Insurance Fraud Risk
Guidelines on risk management practices to mitigate insurance fraud risk.
-
NoticesLast Revised Date: 25 May 2004
Notice 634 Banking Secrecy – Conditions for Outsourcing
Requirements for banks on protecting the confidentiality of customer information in all outsourcing arrangements.
-
CircularsPublished Date: 20 November 2002
Outsourcing of Cash and Cheque-related Transactional Services to Another Bank
Sets out the conditions for banks when outsourcing cash and cheque-related transactional services to another bank in Singapore.