Section 3 builds on the due diligence and vendor management requirements of the MAS Guidelines by addressing in more detail such matters as contractual considerations.The Microsoft response to the ABS Guide centers on Sections 3 and 4. It describes point by point how Microsoft has the right policies, processes, and tools to help you evaluate the risks, provides checklists to help you assess our business cloud services, and describes the processes for governance and internal controls. The Microsoft response to the MAS Guidelines focuses on MAS recommendations for prudent risk management practices for outsourcing. It addresses MAS and ABS guidance separately. The Microsoft response to MAS guidelines and ABS guidance gives financial firms an overview of the key issues raised by the MAS Guidelines and the ABS Guide as they apply to cloud services, Microsoft interpretations of and responses to each of the key issues, and details on how Microsoft can help facilitate compliance with MAS guidelines. Together they demonstrate how financial firms can move data and workloads to the Microsoft Cloud with the confidence that they're complying with MAS guidelines and complete a self-assessment of their outsourcing arrangements against the new guidelines. ![]() With the endorsement of cloud computing - including the use of public clouds - by the Monetary Authority of Singapore (MAS) and support from the Association of Banks in Singapore (ABS), Microsoft published the Microsoft response to MAS outsourcing guidelines and ABS guidance and a Compliance Checklist for financial institutions in Singapore. It's designed to help banks implement outsourcing arrangements following MAS Guidelines. Shortly after the release of the MAS Guidelines on Outsourcing Risk Management, the ABS, a non-profit organization representing the interests of local and foreign banks operating in Singapore (but not other financial institutions), introduced a non-binding practical guide, Cloud Computing Implementation Guide. (For now, these guidelines aren't legally binding, but the MAS has indicated that it will issue a statutory notice in the future.) Association of Banks in Singapore (ABS) Instead, MAS-regulated institutions are expected to refine their risk-based approach when assessing material outsourcing and conduct a self-assessment of all outsourcing arrangements against these guidelines. They've eliminated the expectation that financial institutions would notify the MAS before any significant material outsourcing commitments. The MAS Guidelines substantially streamline the process for technology adoption, provide clarity on the regulator's expectations, and address many of the misconceptions that had previously slowed the financial industry's adoption of cloud solutions.įurthermore, the guidelines are unequivocal in their support of the use of cloud services - including a public cloud - by financial institutions and that they stand to benefit from doing so. ![]() This was the result of an industry-wide consultation that began in October 2014 that included Microsoft participation. In the guidelines, the MAS set out its expectations for outsourcing cloud services by financial institutions in Singapore, including banks, insurance companies, and trust companies. In July 2016, the MAS, the sole bank regulator in Singapore and its central bank, issued its Guidelines on Outsourcing Risk Management. ![]() In this article MAS and ABS Overview Monetary Authority of Singapore (MAS)
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