Regulatory Alerts2024-05-09
Added
Notice on Technology Risk Management
The Monetary Authority of Singapore issued this Notice to mandate technology risk management frameworks for all registered insurance brokers. It requires brokers to maintain critical systems with a maximum of 4 hours unscheduled downtime annually and a recovery time objective of no more than 4 hours. Additionally, brokers must report relevant incidents to the Authority within one hour and submit a detailed root cause analysis report within 14 days.
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