Enterprise risk management (ERM) requirements and guidelines for licensed insurers.
Published Date: 01 June 2013
Guidelines on Risk Management Practices – Technology Risk
Risk management principles and best practice standards to guide financial institutions in managing technology risk.
Applies to: Approved CIS Trustee , Dealing in Capital Markets Products , Product Financing , Providing Custodial Services , Licensed Fund Management Company , Registered Fund Management Company , Venture Capital Fund Management Company , Corporate Finance Advisory , REIT Management , Credit Rating Agency , Securities Crowdfunding , Licensed Trust Company , Direct Insurer (Life) , Direct Insurer (General) , Direct Insurer (Composite) , Reinsurer (Life) , Reinsurer (General) , Reinsurer (Composite) , Captive Insurer , Lloyd's Asia Scheme , Financial Holding Company (Insurance) , General Insurance Agents , Credit/Charge Card Issuer , Finance Company , Full Bank (Branch) , Full Bank (Locally Incorporated) , Merchant Bank (Branch) , Merchant Bank (Locally Incorporated) , Wholesale Bank (Branch) , Wholesale Bank (Locally Incorporated) , Financial Holding Company , Markets and Exchanges , Clearing House , Trade Repository , Benchmark Administrator/Submitter , Central Securities Depository , Holding Company of Exchange or Clearing House , Designated Payment System Operator , Designated Payment System Settlement Institution , Credit and Charge Card Licensee , Major Payment Institution , Standard Payment Institution , Money-changing Licensee
The guidelines set out risk management principles and best practice standards to guide financial institutions in the following:
- Establishing a sound and robust technology risk management framework.
- Strengthening system security, reliability, resiliency, and recoverability.
- Deploying strong authentication to protect customer data, transactions and systems.