MAS consults on technology risk management guidelines

SINGAPORE: The Monetary Authority of Singapore (MAS) has released two consultation papers on technology risk management (TRM).

The first paper provides a set of enhanced guidelines on TRM and the adoption of sound security practices.

Meanwhile, the second paper is a notice on TRM and the legal requirements for financial institutions.

MAS said in a statement that the TRM guidelines are enhancements to the current Internet banking and technology risk management (IBTRM) guidelines.

It added that a workgroup of IT security specialists from major banks and technology experts has provided input to MAS in the drafting stage.

The new guidelines will apply to all financial institutions.

This is unlike the current IBTRM guidelines which focus primarily on the banking sector.

In addition, MAS has proposed to define and enforce a set of mandatory IT requirements for the financial industry.

The move involves stating requirements for a high level of robustness and integrity of critical IT infrastructure and systems, and also specifying the requirement for financial institutions to implement IT controls to protect customer information.

MAS invites interested parties to give their views and comments on the two consultation papers by July 16.

— CNA/cc