Technology Risk Management (TRM/TVRA)
The advancement of information technology (“IT”) has brought about rapid changes to the way businesses and operations are being conducted in the financial industry. IT is no longer a support function within a financial institution (“FI”) but a key enabler for business strategies including reaching out to and meeting customer needs.
The Technology Risk Management Guidelines (the “Guidelines”) set out risk management principles and best practice standards to guide the FIs in the following:
a. Establishing a sound and robust technology risk management framework;
b. Strengthening system security, reliability, resiliency, and recoverability; and
c. Deploying strong authentication to protect customer data, transactions and systems.
Who is this for?
(a) approved exchanges;
(b) designated clearing houses;
(c) holders of a capital markets services licence;
(d) recognised market operators which are incorporated in Singapore;
(e) persons who are approved under section 289 of the Securities and Futures Act to act as a trustee of a collective investment scheme which is authorised under section 286 of the Securities and Futures Act and constituted as a unit trust
2. All licensed financial advisers
3. All licensed insurers, other than captive insurers and marine mutual insurers
4. All registered insurance brokers
5. All banks in Singapore
6. All credit card or charge card licensees in Singapore
7. All finance companies
8. All money brokers approved under section 28 of the Monetary Authority of Singapore Act
9. All merchant banks approved under section 28 of the Monetary Authority of Singapore Act
10. All holders of a remittance licence issued under section 8 of the Money-changing and Remittance Businesses Act
11. All operators and settlement institutions of designated payment systems
12. All trust companies licensed under the Trust Companies Act
To understand how TRM works and if it is necessary for your enterprise, speak to our consultants today. We provide you with insights pertaining to your situation and the necessary directions to progress forward.