While the Monetary Authority Singapore (MAS) released its guidance on Outsourcing in July 2016 already, banking executives of institutions operating on international level may want to check the outsourcing compliance status of their Singaporean operations.
Similar to other regulators, MAS expects “standard” requirements including:
- risk assessment of new outsourcing initiatives
- agreements with various clauses
- governance and policy
- monitoring and management processes
Noteworthy is that client information may indicate a material outsourcing which has to be taken into account during the initial risk assessment.
A more detailed summary of MAS’ requirements can be found in this primer MAS: Outsouring which could support the development of a holistic view of key components. The primer includes also an approach how regulatory expectations can be met.