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MAS Issues New Guidelines on Outsourcing Risk Management;Introduces Guidance on Cloud Services

Singapore, 27 July 2016... The Monetary Authority of Singapore (MAS) today issued new

Guidelines on Outsourcing Risk Management to financial institutions (FIs) following extensive

industry and public consultation.

2 The Outsourcing 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 FIs. Key changes to the Guidelines include:

a) introduction of a new section on cloud computing that sets out MAS’ stance on

cloud computing;

b) removal of expectation for FIs to pre-notify MAS of material outsourcing

arrangements; and

c) revision to the definition of “material outsourcing arrangement” to include, under

certain circumstances, an arrangement that involves customer information.

3 Mr Ong Chong Tee, Deputy Managing Director, MAS, said, “The new outsourcing

guidelines reflect MAS’ continuing efforts to strengthen our 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.”

4 The revised MAS Outsourcing Guidelines can be found at
Framework/Risk-Management/Operational-Risk.aspx. This set of Guidelines replaces the
existing MAS Outsourcing Guidelines as well as circular on Information Technology


5 MAS wishes to thank all respondents for their feedback during the industry and public


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