ACCESS Volunteer for the TRM Guideline
On 18 Jan 2021, the Monetary Authority of Singapore released an update on the technology risk management (TRM) guidelines for Financial Institutions (FIs) in Singapore. As you are aware, a number of members are in the midst of applying for the Payment Services Act licence and upon successful application, they will be an FI like all traditional FI like banks, insurances and fund houses. As such, this TRM guidelines applies but we need to be mindful that our industry is new and different in some sense both in terms of the technology, business and operating models and we tend to be more online reliant and less customer facing. Therefore, we need to ensure that we can as an industry complies with the TRM guidelines but also to upgrade ourselves to better protect the industry from the risks we faced as an industry.
We are looking for a diverse group of volunteers, business, operations, IT, compliance, legal background just to name a few in the Association to participate in this exercise. Our objectives of this exercise are:
1) Review and clarify the revised TRM guidelines that was published
2) Identify the challenges our members might faced with these new guidelines
3) Identify action steps that we as an industry can undertake collectively to comply with these guidelines
This is a huge undertaking so we will need volunteers who can commit their time and efforts. Please fill in the form below if you are willing to volunteer for this exercise.