Technology Risk Management Guidelines-Enhanced Requirements on Financial Institutions Concerning Technology Risk Governance and Security Controls
With the rising numbers and scale of cyberattacks, the Monetary Authority of Singapore revised its technology risk management (TRM) guidelines on 18 January 2021. The TRM guidelines address increased reliance on emerging technologies like cloud computing, application programming interfaces and rapid software development and the fast-changing cyber threat landscape.
Close to 300 participants from IIA Singapore and ACCA Singapore attended the webinar, “Technology Risk Management Guidelines: Enhanced Requirements on Financial Institutions Concerning Technology Risk Governance and Security Controls” on 6 May 2021, presented by KPMG speakers, Daryl Pereira (Partner, Head of Cyber Security and Member of IIA Singapore Technical & Technology Committee) and Wendy Lim (Director, Cyber Security Consulting). This is the first of the 4-part Governance, Risk and Compliance lunchtime webinar series organised in partnership with ACCA Singapore.
The speakers shared how the proposed revisions impact an organisation’s people, process, technology, and third parties as well as their ability to adopt them. The key impacts to the revised TRM Guidelines are technology risk governance and oversight; appointment of key roles; 3rd party risk management and cyber resilience. The attendees also learned more about the action steps that they can take to ensure that their organisations comply with the 2021 Guidelines.