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MAS revises business continuity guidelines of financial institutions

The guidelines took into account two round of public consultation.

The Monetary Authority of Singapore (MAS) has issued revised guidelines on Business Continuity Management (BCM) for financial institutions (FIs) to strengthen their resilience against service disruptions.

READ MORE: MAS unveils new measures against digital banking scams

Under the revised guidelines, FIs are asked to adopt a service-centric approach through timely recovery of critical business services facing customers; identify end-to-end dependencies that support critical business services, and address any gaps that could hinder the effective recovery of such services.

Firms are also tasked with enhancing their threat monitoring and environmental scanning, and conduct regular audits, tests, and industry exercises.

The revised guidelines took into account feedback from two rounds of public  consultation, according to MAS.

“Against 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,” said Vincent Loy, assistant managing director (Technology), MAS.

READ MORE: EXCLUSIVE: Why this SG-based fintech firm is ending the pen-and-paper era of financial advisors

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