The Technology Risk Management Guidelines (“TRM Guidelines”), issued by the Monetary Authority of Singapore (“MAS”) in 2013, provides Financial Institutions (“FI”) with guidance on the oversight of technology risk management, security practices and controls to address technology risks. Whilst the TRM Guidelines do not have force of law, it presents a set of industry best practices that FIs are expected to adopt, taking into account the activities they engage in and the markets in which they conduct transactions. For this reason, the MAS, in performing its risk assessment of an FI, also takes into consideration the FI’s degree of observance with the spirit of the TRM Guidelines.
Recognising the need for the TRM Guidelines to remain relevant in a fast evolving physical and cyber threat landscape, the MAS released in March 2019, a consultation paper proposing changes to update the TRM Guidelines. The public consultation has since closed on 8 April 2019.
In this latest consultation paper, the MAS proposed changes which require FIs to implement enhanced measures to increase their operational resilience. Highlights of the salient proposed revisions are set out in this Update.
If you would like information on this or any other area of law, you may wish to contact the partner at WongPartnership that you normally deal with or any of the following partners:
LAM Chung Nian
Head – Intellectual Property, Technology and Media,
Telecommunications and Data Protection Practices
d +65 6416 8271
e chungnian.lam@wongpartnership.com
Click here to see Chung Nian’s CV.
Kylie PEH
Partner – Intellectual Property, Technology and Media,
Telecommunications and Data Protection Practices
d +65 6416 8259
e kylie.peh@wongpartnership.com
Click here to see Kylie’s CV.