Singapore, June 21st 2013 - The Monetary Authority of Singapore (MAS) today issued the Technology Risk Management (TRM) Notice and Guidelines.
2. The TRM Guidelines aim to provide comprehensive guidance on the establishment of sound technology risk management and security practices to address existing and emerging technology risks within the financial industry. This set of enhanced Guidelines replaces the existing MAS Internet Banking and Technology Guidelines as well as past circulars on IT risk management, and applies to all financial institutions (FIs).
3. In addition, MAS has issued a Notice which defines a set of legal requirements relating to technology risk management for FIs. These includerequirements for a high level of reliability, availability and recoverability of critical IT systems and for FIs to implement IT controls to protect customer information from unauthorised access or disclosure.