Revised Technology Risk Management Guidelines released by MAS
In the wake of growing cyber-attacks in recent years which
The Monetary Authority of Singapore (MAS) was established as the country’s Central bank, and Financial Regulatory Authority, on 1 January 1971. The Bank passed the Monetary Authority of Singapore Act that enables MAS to exercise control over financial institutions and empowers it to regulate and supervise various statutes including the Banking Act, the Insurance Act, the Securities and Futures Act, and the Financial Advisers Act. With an aim to secure information security systems of Financial Institutes, the Monetary Authority of Singapore issued the Technology Risk Management Guidelines. These guidelines are statements of best practices that are expected to be followed by Financial Institutes to protect the customer’s financial data, transactional data, and systems. However, it has been clearly stated that these guidelines are not legally binding but form a benchmark for MAS in assessing the risk of financial institutions. LEARN MORE ABOUT CCPA COMPLIANCE
We conduct an initial study of your business and understand your growth plans, current pain areas, and business goals. This will enable us to consolidate the Cloud scope thereby helping you reduce cost and time of rollout.
Our team will help you identify and understand appropriate cloud platform models: IAAS, PAAS, SAAS, etc. We further support your management in Scope Definition which includes setting timelines, responsibilities, and budget for the implementation.
We identify all point of presence of your data in the Cloud and further map who accesses or can access your sensitive data. We also document the geographical distribution of your data.
The TRM Guidelines are statements of best practices expected to be adopted by every Financial Institute. However, these statements should not be regarded as standards for Financial Institutes to abide by. Financial Institutes may adopt these guidelines, considering the business operations they engage in and the markets in which they conduct transactions. Financial Institutes should apply the Guidelines which is contextually relevant to the regulatory requirements and industry standards.
MAS-TRM Audit cost for an average-sized company starts at $12000. Pricing for the audit depends on several factors, including the Scope of Audit, Business Applications, Technology Platforms, Number of Locations, and other additional services.
On average it takes 4-6 weeks to complete MAS-TRM Audit. However, the timeline also greatly depends on the time taken for implementing the remediation suggested in the gap analysis.
You will receive an audit report documenting the details of the effectiveness of the Organization’s system and controls. The report will detail information about how your information is secured with all necessary controls in place. Additionally, we also provide a “Certificate of Compliance” that you can show your clients and also proudly hang on your office walls and conference rooms.
MAS TRM Report is only valid for a year or 12 months from the date of issue and as per the Industry Standard requirement, the Audit must be performed annually, or at least when significant changes are introduced that may impact systems and control in an environment.
In the wake of growing cyber-attacks in recent years which
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