The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator that established the guidelines on outsourcing (MAS Guidelines) to govern outsourcing practices of financial institutions (FIs), while it recognizes cloud services as a form of outsourcing. The Technology Risk Management (TRM) Guidelines were published to help financial firms establish sound technology risk management, strengthen system security, and safeguard sensitive data and transactions. The TRM contains statements of industry best practices that financial institutions conducting business in Singapore are expected to adopt. The MAS makes clear that, while the TRM requirements are not legally binding, they will be a benchmark the MAS uses in assessing the risk of financial institutions.
