banks association issue paper on mitigating remote working ...

MAS said financial institutions are advised to benchmark their remote ... The paper, titled "Risk Management and Operational Resilience in a ... MASsaidfinancialinstitutionsareadvisedtobenchmarktheirremoteworkingcontrolsagainsttheexamplesinthepaper. PHOTO:STFILE JoleneAng Updated Published March2,2021at3:35PM More Whatsapp Linkedin FBMessenger Telegram Twitter Reddit WeChat Pinterest Print PurchaseArticle CopypermalinkCopytoclipboard https://str.sg/JV7y SINGAPORE-Extensiveremoteworkingarrangementsopenupfinancialinstitutionstomultiplerisks-someofthemrelatedtodailyoperationsandinformationsecurityandtechnology,andotherstofraudandstaffmisconduct. OnTuesday(March2),theMonetaryAuthorityofSingapore(MAS)andtheAssociationofBanksinSingapore(ABS)jointlyissuedapaperonmanagingrisksarisingfromremoteworkingarrangementsadoptedbyfinancialinstitutionsamidtheCovid-19pandemic. Thepaper,titled"RiskManagementandOperationalResilienceinaRemoteWorkingEnvironment",showsfinancialinstitutionshowtopre-emptsuchrisks,givenextendedremoteworkingduetothecoronavirusoutbreakandthelikelyadoptionofhybridworkingarrangementsinthefuture. MASsaidfinancialinstitutionsareadvisedtobenchmarktheirremoteworkingcontrolsagainsttheexamplesinthepaper. ThepaperdrawsfromtheexperiencesofABSmemberbanks,andsuggestskeyriskmanagementactionsneededtoaddressareasofconcern. Forexample,intheareaofbusinesscontinuitymanagement,financialinstitutionsshouldenhancebusinesscontinuitystrategiesandprocedurestoconsiderthelarge-scaledistributionoftheirstaffacrossmanylocations. Thisincludesimplementingresponsestrategiesforrecoveryteammemberstoresumeworkquickly. Topreventcyber-securityrisks,institutionscanimplementcontrolstoensurethatstaffremoteworkinginfrastructure,includingpersonaldevices,issecured. Andtoguardagainstfraud,theycanimplementguidelinestoidentifysituationswherein-personmeetings,sitevisitsandverificationagainstoriginaldocumentsarerequired. MASandABSsaidtherisksandriskmitigationmeasuressetoutinthepaperarealsoapplicabletonon-bankfinancialinstitutions. MrOngChongTee,deputymanagingdirector(financialsupervision)atMAS,saidfinancialinstitutionsinSingaporewereabletoswiftlyadapttoremoteworkingandsplit-teamarrangementsinresponsetoCovid-19. "Theoperationalresilienceofourfinancialinstitutionsduringthisperiodreflectsthesoundnessoftheirbusinesscontinuitymanagementplans.Italsounderscorestheimportanceofregularteststhroughinternaldrillsandindustry-wideexercisesjointlyorganisedbytheMASandthefinancialindustry,"headded. "Investmentsinthedigitalisationofworkprocessesandservicesoverthepastfiveyearshavealsoenabledourfinancialinstitutionstocontinuetoprovideahighlevelofsupporttomeettheneedsofindividualsandbusinessesduringthepandemic." ABSchairmanSamuelTsiensaidthepaperwillserveas"avaluablereferenceguidetoallbanksasremoteandflexibleworkarrangementscontinuetobeadoptedasthepandemicevolves". "Thepaperisalsoagoodguidetobankswhendealingwithothertypesofcrises,"headded. ChanKokSeong,UOBgroupchiefriskofficer,saidthatriskmanagementisembeddedinthebank'sorganisationalcultureandemployeesareheldtohighstandardsofprofessionalandpersonalethics. "Thisstrongriskcultureisconsistent,whetherweareworkingintheoffice,withinabranchorremotely,"saidMrChan. Asmoreprocesseshavebeendigitalised,UOBhasalsoensuredassociatedrisksaremanaged.Forexample,whenitcomestoremotecustomeronboardingviavideocalls,stepsaretakentoensurethecustomer'sidentitycanbeverified,aspartofaccountopeningprocesses. Thebankisalsousingdigitalsignaturestovalidateandtoverifydocumentsastheyprovidealayerofsecurityandauthenticationtominimisetheriskoffraudorforgeryandprotectcustomers. MoreOnThisTopic NewrulesforfinancialsectorinS'poreafterSolarWindscyberattack Asremoteworkingincreasesthreatstocybersecurity,MASurgesfinancialinstitutionstoenhancesafeguards JoinST'sTelegramchannelandgetthelatestbreakingnewsdeliveredtoyou. MAS/MONETARYAUTHORITYOFSINGAPORE BANKSANDFINANCIALINSTITUTIONS WORKFROMHOME More Whatsapp Linkedin FBMessenger Telegram Reddit WeChat Pinterest Print PurchaseArticle Copypermalink https://str.sg/JV7y Getcomplimentaryaccesstothisarticle Signuporlogintoreadthisarticleinfull MAS,banksassociationissuepaperonmitigatingremoteworkingrisks Signup Alreadyhaveanaccount?Login. Alldone!Thisarticleisnowfullyavailableforyou MAS,banksassociationissuepaperonmitigatingremoteworkingrisks Readnow Pleaseverifyyoure-mailtoreadthissubscriber-onlyarticleinfull MAS,banksassociationissuepaperonmitigatingremoteworkingrisks Resendverificatione-mail Thegiftlinkforthissubscriber-onlyarticlehasexpired. Getunlimitedaccesstoallstoriesat$0.99/monthforthefirst3months. Subscribenow Youhavereachedyourlimitofsubscriber-onlyarticlesthismonth. Getunlimitedaccesstoallstoriesat$0.99/monthforthefirst3months. Subscribenow Readandwin! Read3articlesandstandtowinrewards Let'sgo! Terms&conditionsapply Frequentlyaskedquestions Goodjob,you'veread3articlestoday! Spinthewheelnow Let'sgo! Terms&conditionsapply Frequentlyaskedquestions Backtothetop