Business continuity management for Financial Institutions in Singapore
The COVID-19 pandemic has underscored the critical importance of Business Continuity Management (BCM) for organisations across the globe. The unprecedented challenges and disruptions caused by the pandemic have highlighted the need for robust BCM practices to ensure the uninterrupted provision of financial services and safeguard the stability of the financial system.
Background
The Monetary Authority of Singapore (MAS) recognises this need and released the revised BCM Guidelines for Financial Institutions (FIs) on 6 June 2022, to 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.
This document provides an overview of the requirements of the revised guidelines along with a list of frequently asked questions (“FAQs”) about how an institution should prepare for a BCM audit.
Who is impacted?
The revised guidelines apply to all FIs regulated by the MAS, including banks, insurers, capital market intermediaries, and financial market infrastructures. The MAS has expanded the scope to include digital-only banks and technology companies that provide financial services, acknowledging the evolving landscape of the industry.
What are the key changes?
- Critical Business Services and Functions
- Service Recovery Time Objective (SRTO)
- Dependency Mapping
- Concentration Risk
- Continuous Review and Improvement
- Testing
- Audit
- Incident and Crisis Management
- Responsibilities of Board and Senior Management
What is the timeline for implementation?
MAS expects firms to meet the requirements of the 2022 BCM Guidelines within 12 months following its issuance. An audit plan should be established by FIs within 12 months and the first BCM audit should be conducted within 24 months.
How can Mazars help?
At Mazars, we have extensive experience working with the diversity of financial services players. We assist central banks, national regulators, major FIs, and small and mid-size entities in dealing with the implementation of complex issues with multiple impacts, domestic and international.
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