The revised Technology Risk Management Guidelines (“2021 TRM Guidelines“) published on 18 January 2021 by the Monetary Authority of Singapore impose additional and/or more stringent requirements on financial institutions (“FIs“), their boards of directors and senior management concerning technology risk governance and security controls in FIs.
The revisions focus on the following key areas: (i) increased responsibilities of the Boards and senior management of FIs concerning technology risk governance and oversight; (ii) secure software development practices; (iii) managing risks from emerging technologies; and (iv) an enhanced focus on cyber resilience.
The 2021 TRM Guidelines is effective from 18 January 2021 and apply to all FIs, including banks licensed under the Banking Act, payment services licensees under the Payment Services Act 2019, capital markets intermediaries regulated under the Securities and Futures Act, as well as insurers licensed or regulated under the Insurance Act.
This Update provides a summary of the key areas of revisions in the 2021 TRM Guidelines, along with suggested action items for FIs’ consideration to facilitate compliance with the 2021 TRM Guidelines.
For more information, click here to read the full Legal Update.
