Regulatory Alerts2025-01-24
Added
Guidelines on Outsourcing (Financial Institutions other than Banks)
The Monetary Authority of Singapore issued these Guidelines to establish risk management expectations for financial institutions, excluding banks and merchant banks, regarding their outsourcing arrangements. The document mandates that boards and senior management maintain ultimate responsibility for outsourcing risks, requiring robust governance frameworks, rigorous service provider assessments, and strict adherence to confidentiality and business continuity standards. Institutions must submit an annual register of outsourcing arrangements to MAS and promptly notify the regulator of any adverse developments or security breaches that could impact their operations or customer information.
Topics
Share