The Monetary Authority of Singapore (“MAS”) has issued amended Guidelines on Outsourcing Risk Management (“Outsourcing Guidelines”) to financial institutions (“FIs”). The several key changes to the Guidelines in the revision are:
- The definition of “material outsourcing arrangement” has been revised to include an arrangement that involves customer information.
- The expectation for FIs to pre-notify MAS of material outsourcing arrangements has been removed.
- A new section on cloud computing has been incorporated that submits cloud computing to the Outsourcing Guidelines (and thus confirms that FIs can make use of it).
For more information, please read our regulatory update here.