SINGAPORE, July 27 (Xinhua) -- The Monetary Authority of Singapore (MAS) on Wednesday issued new Guidelines on Outsourcing Risk Management to financial institutions following extensive industry and public consultation.
The newly issued guidelines provide expanded guidance to the industry on prudent risk management practices for outsourcing, including cloud services, which have been adopted by a growing number of financial institutions.
MAS stated that key changes to the guidelines include introduction of a new section on cloud computing that sets out MAS' stance on cloud computing; removal of expectation for financial institutions to pre-notify MAS of material outsourcing arrangements; as well as revision to the definition of "material outsourcing arrangement" to include, under certain circumstances, an arrangement that involves customer information.
Ong Chong Tee, deputy managing director of MAS, said that the new outsourcing guidelines reflect MAS' continuing efforts to strengthen guidance to financial institutions in this area.
"The revised guidelines build on the existing ones to better capture evolving threats such as offshoring business models and heightened cyber risks," added Ong.
