Regulatory Alerts2016-07-27
Added · Updated
Guidelines on Outsourcing
The Monetary Authority of Singapore (MAS) sets out expectations for financial institutions concerning outsourcing arrangements, requiring them to conduct self-assessments and manage outsourced services as if they were internal. Institutions must submit an outsourcing register to MAS at least annually or upon request and notify MAS of any adverse developments. Singapore-incorporated institutions are also required to apply a group-wide outsourcing risk management framework to their branches and controlled corporations, including those located outside Singapore. The guidelines emphasize that the board and senior management retain ultimate responsibility for oversight, governance, and risk management of all outsourcing activities.
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