Singapore finalises guidelines

The Monetary Authority of Singapore (MAS) has issued final, but not compulsory, guidelines for the country's risk management, business continuity and technology risk management practices.

The MAS’ risk management guidelines, introduced in draft form in October 2002, focus on strong board oversight, accountability of senior management, sound risk management policies and procedures, and vigorous risk measurement, monitoring, and control capabilities. Although the guidelines will not be enforced, the MAS indicates they will be integrated into its assessments of banks’ risk management frameworks.

Robust processes
The technology risk management guidelines, first unveiled by the MAS