The Monetary Authority of Singapore (MAS) issued revised guidelines on Business Continuity Management (BCM) for financial institutions (FIs) to help strengthen their resilience against service disruptions arising from IT outages, pandemic outbreaks, cyber attacks and physical threats. The revisions take into account learnings from the handling of the COVID-19 pandemic and increased digitalisation in the financial sector.
The revised guidelines provide new insights on measures that FIs can take to better manage the increasingly complex operating environment and threat landscape to enable the continuous delivery of services to their customers. Under the revised guidelines, FIs should:
a) Adopt a service-centric approach through timely recovery of critical business services facing customers;
b) Identify end-to-end dependencies that support critical business services, and address any gaps that could hinder the effective recovery of such services; and
c) Enhance threat monitoring and environmental scanning, and conduct regular audits, tests, and industry exercises.
Vincent Loy, assistant managing director of technology at MAS said, “Against the backdrop of an increasingly volatile and complex environment, the new guidelines will help financial institutions to take an agile and holistic approach in sustaining their critical business services when faced with threats and risk of disruption”.
The revised guidelines took into account feedback from two rounds of public consultation. MAS thanks all respondents for the invaluable suggestions in shaping the guidelines.
Re-disseminated by The Asian Banker