- Published: Tuesday, 07 June 2022 07:56
The Monetary Authority of Singapore (MAS) has issued revised guidelines on business continuity administration for monetary establishments. The revisions consider learnings from the dealing with of the COVID-19 pandemic and elevated digitalization within the monetary sector.
The Business Continuity Management Guidelines present new insights on measures that monetary establishments can take to higher handle the more and more advanced working atmosphere and risk panorama to allow the continual supply of companies to their prospects.
The guidelines introduce rules and practices that monetary establishments can implement to strengthen their operational resilience.
Under the revised guidelines, monetary establishments ought to:
- Adopt a service-centric strategy by means of well timed restoration of crucial business companies dealing with prospects;
- Identify end-to-end dependencies that help crucial business companies, and tackle any gaps that might hinder the efficient restoration of such companies; and
- Enhance risk monitoring and environmental scanning, and conduct common audits, exams, and business workouts.
The guidelines took under consideration suggestions from two rounds of public session.
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