​Guidelines on Outsourcing - Monetary Authority of Singapore

The guidelines cover: Engagement with MAS on outsourcing. Sound practices on risk management of outsourcing arrangements. Cloud computing. Resources:. Home Regulation Guidelines GuidelinesonOutsourcing Decreasefontsize Increasefontsize Printthispage Guidelines LastRevisedDate:05October2018 ​GuidelinesonOutsourcing Guidelinesforfinancialinstitutionsonriskmanagementofoutsourcingarrangements. OperationalRisk GuidelinesonRiskManagementPractices Appliesto: Credit/ChargeCardIssuer , FullBank(LocallyIncorporated) , FullBank(Branch) , WholesaleBank(Branch) , WholesaleBank(LocallyIncorporated) , FinanceCompany , MerchantBank(LocallyIncorporated) , MerchantBank(Branch) , DirectInsurer(Life) , DirectInsurer(General) , DirectInsurer(Composite) , Reinsurer(Life) , Reinsurer(General) , Reinsurer(Composite) , CaptiveInsurer , Lloyd'sAsiaScheme , FinancialHoldingCompany(Insurance) , DealinginCapitalMarketsProducts , ProductFinancing , LicensedFundManagementCompany , CorporateFinanceAdvisory , REITManagement , RegisteredFundManagementCompany , CreditRatingAgency , SecuritiesCrowdfunding , VentureCapitalFundManagementCompany , ExemptFuturesBroker , ExemptOTCDerivativesBroker , ProvidingCustodialServices , ExemptCorporateFinanceAdviserServingAccreditedInvestors , ApprovedCISTrustee , ExemptTrustCompany , LicensedTrustCompany , ExemptPersonProvidingTrustServices , GeneralInsuranceAgents , LicensedFinancialAdviser , ExemptFinancialAdviser , ExemptFinancialAdviserServingupto30AccreditedInvestors , MarketsandExchanges , ClearingHouse , TradeRepository , BenchmarkAdministrator/Submitter , CentralSecuritiesDepository , HoldingCompanyofExchangeorClearingHouse , CreditandChargeCardLicensee , DesignatedPaymentSystemOperator , DesignatedPaymentSystemSettlementInstitution , StandardPaymentInstitution , MajorPaymentInstitution , Money-changingLicensee , CreditBureauLicensee ViewDocument ​GuidelinesonOutsourcing (626.2KB) TheseguidelinessetoutMAS’expectationsofafinancialinstitutionthathasanoutsourcingarrangementorisplanningtooutsourceitsbusinessactivitiestoaserviceprovider. Theguidelinescover: EngagementwithMASonoutsourcing.  Soundpracticesonriskmanagementofoutsourcingarrangements. Cloudcomputing. Resources: OutsourcingGuidelinesJul2016Annex3(34.3KB) 08Oct2018Versiondated27July2016(lastrevisedon05October2018)(626.2KB) takeseffect. 27Jul2016Previousversiondated27July2016(236KB) takeseffect. 27Jul2016PreviousversiondatedOctober2004(lastrevisedon01July2005)(80.2KB).[Cancelled] ProvidesguidanceontheregulatoryscopeoftheTrustCompaniesAct,includinglicensingandreportingrequirementsforlicensedtrustcompanies,exempttrustcompaniesandexemptpersonsprovidingtrustservices. Requirementsformerchantbanksonprotectingtheconfidentialityofcustomerinformationinalloutsourcingarrangements. InformsinsurersontheexclusionofarrangementswheretheserviceiswhollyprovidedbySingaporeGovernmentGovTechoritsagentsfromthescopeoftheoutsourcing. Enterpriseriskmanagement(ERM)requirementsandguidelinesforlicensedinsurers. InformsallinsurersontheexpectationtosubmittheiroutsourcingregisterstoMASannuallyby31MarchofeachyearoruponMAS'request. ProvidesclarificationstosomefrequentlyaskedquestionsonMASGuidelinesonOutsourcing. InformsfinancialinstitutionsthatMASCircularSRDTR01/2011onInformationTechnologyOutsourcinghasbeensupersededandcancelledbytheGuidelinesonOutsourcingdated27July2016. Guidelinesonsoundpracticesincarryingoutinsurancebusinessandprinciplesrelatingtoriskmanagementframework. Guidelinesforafinancialinstitution’soperationalriskmanagementframework,includingbusinesscontinuityandoutsourcing. Guidelinesonriskmanagementpracticestomitigateinsurancefraudrisk. Requirementsforbanksonprotectingtheconfidentialityofcustomerinformationinalloutsourcingarrangements. Setsouttheconditionsforbankswhenoutsourcingcashandcheque-relatedtransactionalservicestoanotherbankinSingapore. Viewmore