Regulatory Alerts2024-05-09
Added
Notice on Technology Risk Management
The Monetary Authority of Singapore issued this notice to impose technology risk management requirements on specified capital markets financial institutions. Regulated entities must establish frameworks to identify critical systems, maintain high availability with a maximum of 4 hours of unscheduled downtime annually, and set recovery time objectives of no more than 4 hours. Additionally, institutions are mandated to notify the Authority within one hour of discovering relevant incidents and submit detailed root cause analysis reports within 14 days.
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